Economic Systems
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| currency | money
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| bartering | trading goods for goods
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| currency exchange | trading one country's currency for a equal amount of another country's currency
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| 3 questions answered | what,how,for whom to produce
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| traditional economy | economy where citzens hunt and gather to survive and barter what they have left
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| command economy | economy where the government controls everything
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| market economy | economy where there is only free trade and no government
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| mixed economy | economy where there is free trade but with a government
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| supply | how much a person has of a good
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| demand | how much a person wants of a good
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| capitalism | free trade market
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| specilization | making a living doing what a person does best
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| natural resources | non man made resources
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| capital goods | goods that are needed in producing other goods
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| human capital | people in a country who can do manual labor
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| entreprenuer | a person who takes a risk in starting a buissness
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| literacy rate | how many people in a country who can read and write
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| standard of living | how people in one country live
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| gdp per capita | dividing up the country's income per citizen
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| tariff | taxing goods from another country
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| quota | having a limited amount of goods that can enter a country
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| embargo | stopping all trade with one country
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| economy | system in which goods and services are traded in some format
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Created by:
ellabella06
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