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What is economics?
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What three questions are answered in an economic system?
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Economic Systems

Economic + Systems = Ecosystems

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What is economics? Social science that deals with the production,distribution, and consumtion of goods.
What three questions are answered in an economic system? 1(What to produce? 2(How to produce it? 3(For whom to produce it?
What is a traditional economic system? Based on customs and traditions
What is bartering? The exchanging of goods for another
What is a command economy? Decides what goods are made and how they will be made
What is a market economy? Economy that operates by voluntary exchange
What is capitalism? Economic system in which private owners control the production of goods and profit.
How many countries have a market economy? ZERO!!!!!!!!!!
What is supply? Quantity of a product or service in a market and available for purchase.
What is demand? The desire to purchase and the power to do so
What is a mixed economy? Combination of privately owned and government owned businesses.
What is a tariff? A special tax.
What is a quota? A limit on the amount of foreign goods bought.
What is an embargo? A ban on trade with another country.
What is GDP? Total amount of final goods and services produced in that country in a year.
What are human resources? People who perform labor.
What are capital goods Items that people need to perform their jobs.
What are natural resources? Resources that come from nature.
What is an entrepreneur? People who take a risk to make a product.
What is standard of living? How well citizens live in a country.
What is literacy rate? The amount of people in a country that can read and write.
What is specialization? Producing or providing a service based on what you do best.
What is opportunity cost? Value of what is given up when a choice is made.
What are two examples of capital goods? Shovel, oven, etc.
What are two examples of natural resources? Soil,seeds, etc.
What are two ways a country can invest in its human resources? It can provide training and education to people.
What is exchange rate? How much one currency is worth in terms of another.
What is currency? Money
Created by: The_Selfieholic
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