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Economic Systems

TermDefinition
what to ______? How to ______ it? For whom to ______? Produce
Economy The social science that deals with the production, distribution, and consumption of goods and services
Bartering Exchanging one good or service for another
Traditional Based on customs or traditions
Command Government decides what goods are made and how they will be made
Market An economic system based on fee trade and competition (free enterprise, capitalism
Capitalism Economic system in which private owners control the production of goods and profit
How many countries have a pure market economy? Zero: 0
Supply How much people have or how much is available
Demand What or how much people want
Mixed Combination of government and privately owned businesses
GDP (Gross Domestic Product) The value of all of the goods and services produced in a country per year
Standard of Living How well citizens live based on good public services, education, health care, and jobs
Literacy Rate The percentage in a country who can read or write
Specialization Making a living doing what a person does best (mommy: ASL)
Currency Money
Exchange Rate How much on currency is worth in terms of another
Natural Resources Items that come from the world around us that we use for our own purposes
Capital Goods Items that people need to perform their jobs
Human Capital A supply of people who can produce goods and/or services
Entrepreneur People with new ideas that are willing to take risks to start a business and/or make a product
Capital good examples: Bowl and Oven
3 ways to invest in a human capital: Education, training, and health
Tariff tax on imported goods
Quota a limit of how many items a country can import into another
Embargo a stop on all trade
Created by: Megan McGlathery
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