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Eco Systems Quiz
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. |