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Economic systems
economic systems
| Term | Definition |
|---|---|
| Economy | The social science that deals with 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 profit |
| Supply | How much people have |
| Demand | What or how much people want |
| Gross Domestic Report (GDP) | The value of all of the 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 is best at |
| currency | money |
| exchange rate | how much one currency is worth in terms of another |
| Voluntary trade | describes a market where buyers and sellers can buy and sell products or refuse to if they choose |
| what to_______? How to______ it? For whom to________? | produce |
| Market economy | an economic system in which economic systems and the pricing of goods and services are under the citizens control |
| command economy | an economy in which investments, production, prices and income are determined by the government |
| mixed economy | an economic system combining public and private enterprise |
| traditional economy | a system that relies on custom, history and time-honored beliefs |
| Natural resources | resources that are not man made. They come from the earth |
| Capital goods | goods that are used in producing goods |
| human capital (resource) | A supply of people who can produce goods and services |
| entrepreneur | people with new ideas willing to take risks to start a business to make products or start a business |
| Tariff | a tax on imported goods |
| Embargo | forbids trade from certain countries |
| Quota | restricts or limits the amount of goods imported |
| 2 examples of capital goods | factories and machinery |
| 3 ways to invest in human capital | health care, education and training |
| European Union | purpose is to strengthen the economic, political, and defensive ties of member nations |
| Euro | the European currency |
Created by:
Mermicorn
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