Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economic Systems
| Term | Definition |
|---|---|
| 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 system where private owners control the production of goods and services |
| Supply | how much people have |
| 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 % of people in a country who can read and write ✍ |
| Specialization | making a living doing something what a person does best |
| Currency 💲 | money 💵 |
| Exchange Rate | how much one currency is worth in terms of another |
| Voluntary Rate | describes a market where buyer and sellers have the right to sell and buy products or refuse them |
| 3 Questions | what to produce how to produce it for whom to produce |
| Market Economy | The people own everything |
| Command Economy | Government decides what will be made and how will it |
| Mixed Economy | Combination of government and private owned businesses |
| Traditional Economy | Based on customs and traditions |
| Natural Resources | Items that come from the earth around us |
| Capital Goods | Items that people need to preform their jobs |
| Human Capital | Supply of people who can produce goods and services |
| Entrepreneur | People with ideas willing to take risks to start a new business |
| Tariff | A tax or duty to be paid on a particular class of imports and exports |
| Quota | a limited quantity of a particular product which under official controls can be produced, exported, or imported |
| Embargo | an official ban on trade or other commercial activity with a particular country |
| 2 EX of Capital Goods | boxes and spoons |
| 3 ways to invest in human capital | Develop Employee Engagement Improve Retention Rates Increase Employee Satisfaction |
| Euro | a common currency used by the European union |
| European union | an economic and political association of European countries as a unit with internal free trade and common external tariffs |
Created by:
RileyPeeples
Popular Social Studies sets