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Economic Systems

TermDefinition
Voluntary Trade Describes a market where buyers and sellers have the right to sell and buy products or refuse to if they so choose
Exchange Rate How much one currency is worth in terms of another
Currency Money
Specialization Making a living doing what a person does best
Literacy Rate The percentage of people in a country who can read and write
Standard of Living Level of comfort in everyday life
Gross Domestic Product (GDP) The value of all of the goods and services produced in a country per year
Demand What or how much people want
Supply How much people have or how much is available
Capitalism Economic system where private owners control the production of good and profit
Bartering Exchanging one good or service for another
Economy The social science that deals with the production, distribution and consumption of goods and services
3 questions economic system answers What to produce? How to produce it? To whom to produce?
Traditional Economy Based on customs and traditions
Command Economy Government decides what goods are made and how they will be made
Market Economy People in charge and people make the decisions
Mixed Economy Combination of privately owned businesses
Human Capital A supply of people who does training, education,and healthcare
Capital Goods Items that people need to preform their jobs
Natural Resources Items that come from the world
Entrepreneur People with new ideas that's takes risks to make a business or make a product
Embargo Bans trading for political reasons
Tariffs A tax on imported goods
Quotas Limits on a product
2 examples of a capital good Vehicles and buildings
3 ways to invest in human capital Healthcare, Education, and Training
Euro A European currency
European union A group of nations
European Union A group of nations
Currency
Euro A European Cureency
European Union A group of nations
Created by: 200479324
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