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What is an economy?
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What questions should an economy answer?
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Economic Systems
Econimic Systems
| Question | Answer |
|---|---|
| What is an economy? | social science that deals with production, distribution , and consumption of goods and services. |
| What questions should an economy answer? | 1. What to produce? 2. How to produce it? 3. For whom to produce? |
| What is a traditional economy? | An economy based on customs and traditions. |
| What is an example of a traditional economy? | The Inuits |
| What is a command economy? | It is an economy in which the government decides what goods are made and how they will be made. |
| What is bartering? | The exchange of one good for another. |
| What is a market economy? | An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy |
| How many countries have a market economy? | None |
| What is capitalism? | Economic system in which private owners control the production of goods and profits. |
| What is a qouta? | A product or good brought in from other countries |
| What is a tariff? | A special tax charged on foreign goods. |
| What is an embargo? | A ban on trading with another country. |
| What is GDP? | GDP- Gross Domestic Prodution A economic indicator used to tell how an economy is doing. It is the total amount of goods and services produced by a country in a year. |
| What is a human resource? | People who perform labor; invest in by training and education |
| What are capital goods? | Items that people need to performs their jobs;invest in by updating machinery and new technology. |
| What are natural resources? | Resources that come from nature. |
| What are entreprenuers? | People with ideas that are willing to take risks to start a buisiness. |
| What is standard of living? | The ability to provide the neccessities for living. |
| What is literacy rate? | The percentage of people in a country who are able to read and write. |
| What is spcialization? | Producing or providing a service in what you do best. |
| What is oppurtunity cost? | Value of what is given up when a choice in made. |
| What are two examples of a capital good? | Shovel and oven |
| What are two examples of a natural resource? | Wheat and berries |
| What are three ways a country can invest in its human resource (human capital). | Training, education, and health |
| What is exchange rate? | How much one currency is worth in terms of another. |
| What is currency? | Money |
| What is supply? | Qauntity of a product or service in market available for purchase. |
| What is demand? | The the desire to purchase with power (money) to do so. |
| What is a mixed economy? | A combination of privatly owned and government owned businesses. |
Created by:
cc.camp10
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