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Economic System

TermDefinition
Capitalism Economic system in which private owners control the production of goods and profit (free enterprise, market economy)
Market An economic system based on free trade and competition (free enterprise, capitalism)
Economics The social science that deals with the production, distribution and consumption of goods and service
3 Questions that Economic System Answer 1. What to produce 2. How to produce 3. For whom to produce it
Quota Number limit on how many items of a particular product can be imported from a particular country
Tariff A tax placed on imported goods (goods brought in from another country)
Embargo Bans on trading with another country for political reasons
Bartering Exchanging one good or service for another
Supply How much people have or How much is available
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 How well citizens live based on good public services, education, health care, jobs
Literacy Rate The percentage of people in a country who can read and write
Specialization Making a living doing what a person does best
Opportunity Cost The value of what is given up when a choice is made
Currency Money
Exchange Rate How much one currency is worth in terms of another
Human Capital A supply of people who can produce goods & services and can be improved through training, education, and healthcare
Capital Goods Items that people need to perform their jobs
Natural Resource Items that come from the world around us that we use for our own purposes
Entrepreneur People with new ideas that are willing to take risks to start a business or make a product
Mixed Having both command and market econmic activity
Voluntary Rate Describea market where buyers and sellers have the to sell Nd buy or refuse if they choose
Command Goverment control
Trandintional Produce what they need to survive ; usually barter
2 example of a capital goods Desk and pen are example of this
3 ways to invest in human capital Education, Heathcare, Training
Euro The most use currency in europe
Created by: Nampham125