Economic Systems Word Scramble
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| Term | Definition |
| ECONOMICS | The social science that deals with the production distribution and consumption of goods and services |
| BARTERING | Exchange one good or service for another |
| CAPITALISM | Economic system where private owners control the production of goods and profits |
| SUPPLY | How much of one thing I have |
| DEMAND | What or how much of one thing people want |
| GDP (Gross Domestic Product) | The value of all goods and services produced in a country per year |
| STANDARD OF LIVING | Level of comfort in everyday 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 and buy products or refuse to, if they choose to |
| 3 QUESTIONS AND ECONOMIC SYSTEM ANSWERS | 1. What to produce? 3. For whom to produce for? 2. How to produce it? |
| MARKET ECONOMY | Consumer choices determine how industry and financial markets operate. No government |
| COMMAND ECONOMY | Government decides what goods are being made and how they will be made. |
| MIXED ECONOMY | Limited government involvement while applying free market concepts |
| TRADITIONAL ECONOMY | Based on customs and traditions. |
| HUMAN CAPITAL | Supply of people who can produce goods and services - HEALTHCARE -EDUCATION -TRAINING |
| CAPITAL GOODS | Items needed for people to preform their jobs -MACHINERY -PAPER/PENCILS -FACTORIES |
| NATURAL RESOURCES | Items that come from the world around us -PLANTS/TREES -SOIL -WATER -OIL |
| ENTREPRENEUR | People with new ideas, willing to start a business -RESTURAUNT OWNERS -STARBUCKS CREATOR FedEx CREATOR |
| What Helped The European Union? | Purpose (Grow Economy/ Keep Peace) Currency (Euro/ Money) Economic Advantages (Free Trade/ Jobs/ GDP/ Standard of Living) |
| Euro | European Currency |
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