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Economic Systems

TermDefinition
ECONOMICS The social science that deals with the production distribution and consumption of goods and services
BARTERING Exchange one good or service for another
CAPITALISM Economic system where private owners control the production of goods and profits
SUPPLY How much of one thing I have
DEMAND What or how much of one thing people want
GDP (Gross Domestic Product) The value of all goods and services produced in a country per year
STANDARD OF LIVING Level of comfort in everyday 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 one 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 choose to
3 QUESTIONS AND ECONOMIC SYSTEM ANSWERS 1. What to produce? 3. For whom to produce for? 2. How to produce it?
MARKET ECONOMY Consumer choices determine how industry and financial markets operate. No government
COMMAND ECONOMY Government decides what goods are being made and how they will be made.
MIXED ECONOMY Limited government involvement while applying free market concepts
TRADITIONAL ECONOMY Based on customs and traditions.
HUMAN CAPITAL Supply of people who can produce goods and services - HEALTHCARE -EDUCATION -TRAINING
CAPITAL GOODS Items needed for people to preform their jobs -MACHINERY -PAPER/PENCILS -FACTORIES
NATURAL RESOURCES Items that come from the world around us -PLANTS/TREES -SOIL -WATER -OIL
ENTREPRENEUR People with new ideas, willing to start a business -RESTURAUNT OWNERS -STARBUCKS CREATOR FedEx CREATOR
What Helped The European Union? Purpose (Grow Economy/ Keep Peace) Currency (Euro/ Money) Economic Advantages (Free Trade/ Jobs/ GDP/ Standard of Living)
Euro European Currency
Created by: DevKatJaja
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