Economic System
Help!
|
|
||||
|---|---|---|---|---|---|
| Economics | The social science that deals with the production, distribution and consumption of goods and services
🗑
|
||||
| Bartering | Exchanging one good or services for another
🗑
|
||||
| Capitalism | Economic system where private owners control the production of goods and profit
🗑
|
||||
| Supply | How much people have
🗑
|
||||
| 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 | level of comfort in every day life
🗑
|
||||
| Literacy Rate | The percentage of people in a country who can read and write
🗑
|
||||
| Specialization | Making a living doing what a person does best
🗑
|
||||
| Currency | Money
🗑
|
||||
| Exchange Rate | How much one currency is worth in terms of another
🗑
|
||||
| Voluntary Trade | Describes a market where buyers and sellers have the right to sell buy products or refuse to if they so choose
🗑
|
||||
| 3 questions economic system answers | 1. What to produce ?
2. How to produce ?
3. For whom to produce ?
🗑
|
||||
| market economy | people
🗑
|
||||
| command economy | Government decides what goods are made and how they will be made.
🗑
|
||||
| mixed economy | combination of government and privately owned business
🗑
|
||||
| traditional economy | Based on customs and traditions
🗑
|
||||
| human capital | 1. a supply of people who can produce goods and services.
2. can be improved by training, education and healthcare.
🗑
|
||||
| capital goods | items that people need to perform their job. ex: factories, supplies, computers, machinery.
🗑
|
||||
| natural resources | items that come from world around us that we use for our own purpose. ex: oil, trees, water.
🗑
|
||||
| entrepreneur | 1. people with new ideas that willing to take risks to start a business or make a product. ex: the person who started Starbucks.
🗑
|
||||
| tariffs | a tax on imported goods.
🗑
|
||||
| quotas | limit on particular product
🗑
|
||||
| embargo | bans trading for political reasons
🗑
|
||||
| European Union( EU ) | it is a group of nations that have joined forces to solve problems. EU is a free trade zone,
🗑
|
||||
| Euro | currency
🗑
|
||||
| 2 example of capital goods | machinery and factories
🗑
|
||||
| 3 ways to invest in human capital | training, education, and healthcare
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Diya17
Popular Economics sets