Economic Systems
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| Economics | The social science that deals with the production, consumption and distribution of goods and services
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| Capitalism | Economic system where private owners control the production of goods and profit( free enterprise, market economy)
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| Bartering | Exchanging one good or service for another.
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| Supply | How much people have.
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| Demand | What or how much people want.
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| GDP (Gross Domestic Product) | The value of all the goods and services produced in a country per year.
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| Standard of Living | The degree of wealth and material comfort available to a person or community.
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| Literacy Race | The percentage of people in a country who can read and write.
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| Specialization | Making a living doing what a person does best.
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| Currency | Money.
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| Currency Exchange | Trading one type of currency for another.
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| Voluntary Trade | A market where buyers and sellers can sell and buy by their own preference or refuse to if they choose.
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| Traditional Economy | Based on customs and traditions.
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| Command Economy | Government decides what goods are made and how they will be made.
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| Market Economic System | The people own resources and keep the profits.
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| Mixed Economic System | Combination of government and privately owned business.
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| 3 Questions Answered | What to produce? How to produce it? For whom to produce?
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| Embargo | Forbid trade with another country.
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| Quota | Restrictions on the amount of goods that can be imported into a country.
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| Tariffs | Taxes placed on imported goods.
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| Euro | Common currency in the European Union
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| EU promotes | Free trade and democracy
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| Natural Resources | Naturally occurring source of wealth, such as land and water.
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| Capital goods | Machines and tools used in the production of other goods.
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| Human Resources | People in the workforce (employees).
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| Entrepreneur | Person who takes a risk to start a new business.
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| Two examples of a capital good | An oven and a 3D printer.
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| Three examples of human capital | Healthcare, training, and education.
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