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