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What are the three questions answered by the economic system?
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What is economy?
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Economic Systems
| Question | Answer |
|---|---|
| What are the three questions answered by the economic system? | What to produce? How to produce it? For whom to produce? |
| What is economy? | The social science that deals with the production, distribution and consumption of goods and services. |
| What is bartering? | Exchanging of one good or service for another. |
| What is traditional economy? | Economy based on customs and traditions. |
| What is command economy? | Economy where the government decides what goods are made and who they will be made. |
| What is a Market Economy? | An economic sysytem based on free trade and competiotions (free enterprise, capitalism) |
| What is Capitalism? | Economic system in which private owners control the production of goods and profit (free enterprise, market economy) |
| How many countries have a pure market economy? | None |
| What is supply? | How much people have or how much is avaliable. |
| What is demand? | What or how much people want. |
| What is a mixed economy? | Economy composed of a combination of government and private owned businesses. |
| What is Gross Domestic Product (GDP)? | The value of all the goods and services produced in a country per year. |
| What is standard of living? | How well the citizens of a country live based on public services, education, health care, jobs. |
| What is literacy rate? | The percent of how many citizens in a country can read and write. |
| What is specialization? | Making a living doing what a person does best. |
| What is currency? | Money |
| What is exchange rate? | How much one currency is worth in terms of another |
| What are natural resources? | Items from Earth that we use for our own purposes |
| What are capital goods? | Artificial supplies/tools that we used in a business |
| What are human resources? | A person's set of skills, talents, and education that they use in the workplace |
| What is an entrepreneur? | People with new ideas that are to take risks to start a business or make a product |
| What are two examples of a capital good? | Forklift, factory |
| What are three ways to invest in human capital? | Education, training, health |
| What is a tariff? | A tax on imported goods |
| What is a quota? | A limit on how many goods a certain country can send you |
| What is an embargo? | A ban on trade with a country for political reasons |
Created by:
Nikki-bug
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