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economics systems

economics the social science that deals with the production,distribution, and consumption of goods and services
bartering Exchanging one good or service for another
capitalism economic systems where private owners control the production of goods and profit
Supply How much people have or how much is available
Demand what or how much people want
GDP (Gross Domestic Product) The value of all of the goods and services produced in a country per year
Standard of living level of comfort in every day life
Literacy Rate the percentage of people in a country who can read and write
specialization making a living doing what a person does best
Currency Money
Exchange Rate how much currency is worth in terms of another
Voluntary Trade describes a market where buyers and sellers have the right to sell and buy products or refuse to if they so choose
Command Economy Government decides what goods are made and how they will made Example: Cuba
Market Economy The people own everything
Traditional Economy Based on customs Example: Inuits
Mixed Economy Combination of Market and Command Economy Example: Almost every Country
Three questions an economic system answers What to produce how to produce it For who to produce
Human Capital A supply of people who can produce goods & services Can be improved through training, education, and healthcare
Natural Resources Items that come from the world around us that we use for our own purposes
Capital Goods Items that people need to perform their jobs
Entrepreneurs People with new ideas that are willing to take risks to start a business or make a product
Quota Number limit on how many items of a particular product can be imported from a particular country
Tariff A tax placed on imported goods (goods brought in from another country)
Embargo Bans on trading with another country for political reasons
2 examples of capital goods Computer Shovel
3 examples of human resources education healthcare training
European Union Purpose: to strengthen the economic, political and defensive ties of member nations.Eliminates trade barriers: member nations do not impose embargoes, or tariffs or set quotas
Euro The common currency of the European Union
Created by: movienerd36
Popular Economics sets




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