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Economic System
| Term | Definition |
|---|---|
| Economics | The social science that deals with the production, distribution and consumption of goods and services |
| Bartering | Exchanging one good or services for another |
| Capitalism | Economic system where private owners control the production of goods and profit |
| Supply | How much people have |
| Demand | What or how much people want |
| GDP | 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 one currency is worth in terms of another |
| Voluntary Trade | Describes a market where buyers and sellers have the right to sell buy products or refuse to if they so choose |
| 3 questions economic system answers | 1. What to produce ? 2. How to produce ? 3. For whom to produce ? |
| market economy | people |
| command economy | Government decides what goods are made and how they will be made. |
| mixed economy | combination of government and privately owned business |
| traditional economy | Based on customs and traditions |
| human capital | 1. a supply of people who can produce goods and services. 2. can be improved by training, education and healthcare. |
| capital goods | items that people need to perform their job. ex: factories, supplies, computers, machinery. |
| natural resources | items that come from world around us that we use for our own purpose. ex: oil, trees, water. |
| entrepreneur | 1. people with new ideas that willing to take risks to start a business or make a product. ex: the person who started Starbucks. |
| tariffs | a tax on imported goods. |
| quotas | limit on particular product |
| embargo | bans trading for political reasons |
| European Union( EU ) | it is a group of nations that have joined forces to solve problems. EU is a free trade zone, |
| Euro | currency |
| 2 example of capital goods | machinery and factories |
| 3 ways to invest in human capital | training, education, and healthcare |
Created by:
Diya17
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