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Economic Systems
Economy
| Term | Definition |
|---|---|
| economics | the social science that deals with the production, distribution, and consumption of goods and services |
| bartering | exchanging one good or services for another |
| capitalism | economic systems where private owners control the production of goods and profit |
| supply | how much people have or how much is available |
| demand | what or how much people want |
| GPD (Gross Domestic Product) | the value of all the goods and services produced in a country per year |
| standard of living | level of comfort in everyday life |
| literacy rate | the percentage of people in a country who can read and write |
| specialization | making a living doing what a person does best |
| currency | money |
| exchange rate | how much one currency is worth in terms of another |
| voluntary trade | describes a market where buyers and sellers have the right to sell and buy products or refuse to if they choose to |
| What to, How to, For whom to__? | produce |
| market economy | the people are in charge ex: none |
| command economy | government decides what goods are made and how they are made ex:Cuba |
| mixed economy | combination of governments and privately owned businesses ex: all countries |
| traditional economy | based on customs and traditions ex: Inuit |
| human capital | a supply of people who can produce goods and services ( can be improved through training, education, and health care) |
| capital goods | items that people need to perform their jobs ex: factories, machinery, computers, and supplies ( to improve capital goods you can update, repair, rebuild, and get better quality) |
| natural resources | items that come from around the world that we use for our purposes ex: oil, trees, water, and fertile soil |
| entrepreneur | people with new ideas that are willing take risk to start a business or make a product ex: the person who started Starbucks, FedEx, restaurant owners |
| embargo | bans trading for political reasons |
| tariffs | tax on imported goods |
| quotas | a limit on a product |
| 2 examples of capital goods | computers and machines |
| 3 examples to invest in human capital | healthcare, education, and training |
| euro | the currency for the EU |
| European Union (EU) | a group of nations that have joined forces to solve common problems; a free trade zone |
Created by:
amyt1222
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