Eco Systems Quiz
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| Traditional Economy | economy based on beliefs and values; usually involves bartering rather than exchange of currency.
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| Capitalism | economic system in which private owners control the production of goods and profit ( free enterprise and market economy )
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| Market Economy | an economic system based on free trade and competition ( free enterprise and capitalism.
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| Socialism | economic system in which most businesses are owned and ran by the government ( usually communist )
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| Communism | economic, social and political system based on the teaching of Karl Marx.
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| Command Ecomomy | an economic system in which the central government makes all economic decisions
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| Mixed Economy | an economic system that has a combinations of government and privetly owned businesses
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| Trade Barriers | obstacles to trade between countries
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| Quota | number limit on how many items of a particular product can be imported from a particular country
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| Tariff | a tax placed on imported goods
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| Embargo | bans on trading another country for political reasons
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| Economics | a Social Science that deals with the production, distribution and consumption of goods and services.
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| Bartering | exchanging one good or service for another
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| Supply | how much people have or how much is available
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| Demand | what or how much people want
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| Gross Domestic Product ( GDP ) | the value of all of the goods and services produced in a country per year
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| Standard of Living | how well citizens live based on goods, public services, education, health care and jobs
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| Literacy Rate | the % on how many people can read and write
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| Specialization | making a living doing what a person is best at
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| Opportunity Cost | the value of what is given when a choice is made
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| Currency | money
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| Exchange Rate | how much of one currency is worth in terms of another
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| Human Capital | a supply of people who produce goods and services
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| Capital Goods | items people need to preform their jobs
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| Natural Resources | items that come from the world around us that we use for ourselves
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| Entrepreneur | people with new ideas that are willing to take risks to start a businesses or made a product.
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