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Economic Systems

TermDefinition
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
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