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Traditional Economy
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Economic Systems
| Question | Answer |
|---|---|
| Traditional Economy | economy based on beliefs and values; usually involves bartering rather than exchange of currency. |
| Capitalism | economic system in which private owners control the production of goods and profit ( free enterprise and market economy ) |
| Market Economy | an economic system based on free trade and competition ( free enterprise and capitalism. |
| Socialism | economic system in which most businesses are owned and ran by the government ( usually communist ) |
| Communism | economic, social and political system based on the teaching of Karl Marx. |
| Command Ecomomy | an economic system in which the central government makes all economic decisions |
| Mixed Economy | an economic system that has a combinations of government and privetly owned businesses |
| Trade Barriers | obstacles to trade between countries |
| Quota | number limit on how many items of a particular product can be imported from a particular country |
| Tariff | a tax placed on imported goods |
| Embargo | bans on trading another country for political reasons |
| Economics | a Social Science that deals with the production, distribution and consumption of goods and services. |
| Bartering | exchanging one good or service for another |
| Supply | how much people have or how much is available |
| Demand | what or how much people want |
| Gross Domestic Product ( GDP ) | the value of all of the goods and services produced in a country per year |
| Standard of Living | how well citizens live based on goods, public services, education, health care and jobs |
| Literacy Rate | the % on how many people can read and write |
| Specialization | making a living doing what a person is best at |
| Opportunity Cost | the value of what is given when a choice is made |
| Currency | money |
| Exchange Rate | how much of one currency is worth in terms of another |
| Human Capital | a supply of people who produce goods and services |
| Capital Goods | items people need to preform their jobs |
| Natural Resources | items that come from the world around us that we use for ourselves |
| Entrepreneur | people with new ideas that are willing to take risks to start a businesses or made a product. |
| tweaking | Frantic & compulsive behavior often associated with crack & meth abuse. Those who are __ may find themselves unable to stop a particular random activity like searching drawers, scratching or pulling things apart. Yo! Check out that cluck, he's __! |
| cluck | Is a person with a drug problem that trades stolen or his/her things for drugs. Hey __ how much did you get for that laptop? |
| scrub | A __ is a now generalized term used as a synonym for a "noob" or "newb," which is someone who is bad at a video game or activity in general. |
| crunk | An overused hiphop term that has been beat to death more than "Bling-Bling". It means to get crazy and drunk. The term lost it's "cool" factor like two years ago, but that doesn't stop wanna be gangstas from using the the term as much as possible. |
| turnt up | getting loose (just being wild) |
| hit a lick | To rob or burglarize someone or something. Me and O.G. wanted to _ _ _ so we picked up some dudes and jack rolled them. |
| friendly | The act of being too nice or too generous, because people will often take advantage of you. That boy is too __, he always gives me his snacks. |
| Debo | To steal or take away from. Inspired by the character "__" from the film Friday, its original definition is to steal something. That cluck just __ed my IPhone! He __ed your rims. |
| corner store | Located at the corner of the street common in all urban areas across the U.S. Typically run by Asians, these sell all needs, including toiletries, food, drinks (alcoholic and non-alcoholic), and cigarettes. |
| U mad bro? | A phrase trolls use to anger an already mad person even more. |
| troll | One who posts a deliberately provocative message on a message board with the intention of causing maximum disruption and argument. |
| weaksauce | Paltry, insufficient, and laughable in effort |
| Noob Tuber | A really annoying person that keeps killing you with a grenade launcher in Call of Duty |
| owned | Completely annihilated or dominated. |
| Really? | A statement of disbelief in a sarcastic manner. It is like "seriously", but more obnoxious. |
| skitzing | What one does when on Meth, Ice, or whatever you call Speed. |
Created by:
weakstick
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