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Economic System
| Term | Definition |
|---|---|
| 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
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