Economics
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| What is traditional? | Based on customs and traditions
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| Who owns the resources? | all members of the economy
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| Who keeps the profits? | No money profits: goal is to survive.
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| What is command? | Government decides what goods are made and how they will be made
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| What is bartering? | the exchange of one good for another
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| What is capitalism? | economic system in which private owners control the production of goods and profit
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| What is a market economy? | an economy that operates by voluntary exchange in a free market
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| How many countries have a market economy? | 0
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| What is a mixed economy? | combination of privately and government owned businesses
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| What is a tariff? | a tax
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| What is a quota? | a limit of imports
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| What is an embargo? | a ban of exporting
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| What are human resources? | people who perform the labor
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| What are capital goods? | items that people need to perform their jobs
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| What are natural resources? | resources that come from nature
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| What is an entreprenuer? | people with ideas who are willing to take a risk
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| What is a standard of living? | how well people live in a country
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| What is a literacy rate? | the rate of people over 15 years old can read
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| What is specialization? | producing or providing a service in what you do best
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| What is opportunity cost? | value is given up when a choice is made
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| What are two examples of a capital good? | technology and a spoon
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| What are two examples of a natural resource? | rock and trees
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| What are three ways a country can invest in its human resource? | education, training, and health
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| What is an exchange rate? | how much one currency is worth in terms of another
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| What is currency? | money
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| What to ______? | produce
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| How to _________ it? | produce
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| For whom to ______? | produce
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