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Economic systems

economic systems

TermDefinition
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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