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Voluntary Trade
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Economic Systems
| Term | Definition |
|---|---|
| Voluntary Trade | Describes a market where buyers and sellers have the right to sell and buy products or refuse to if they so choose |
| Exchange Rate | How much one currency is worth in terms of another |
| Currency | Money |
| Specialization | Making a living doing what a person does best |
| Literacy Rate | The percentage of people in a country who can read and write |
| Standard of Living | Level of comfort in everyday life |
| Gross Domestic Product (GDP) | The value of all of the goods and services produced in a country per year |
| Demand | What or how much people want |
| Supply | How much people have or how much is available |
| Capitalism | Economic system where private owners control the production of good and profit |
| Bartering | Exchanging one good or service for another |
| Economy | The social science that deals with the production, distribution and consumption of goods and services |
| 3 questions economic system answers | What to produce? How to produce it? To whom to produce? |
| Traditional Economy | Based on customs and traditions |
| Command Economy | Government decides what goods are made and how they will be made |
| Market Economy | People in charge and people make the decisions |
| Mixed Economy | Combination of privately owned businesses |
| Human Capital | A supply of people who does training, education,and healthcare |
| Capital Goods | Items that people need to preform their jobs |
| Natural Resources | Items that come from the world |
| Entrepreneur | People with new ideas that's takes risks to make a business or make a product |
| Embargo | Bans trading for political reasons |
| Tariffs | A tax on imported goods |
| Quotas | Limits on a product |
| 2 examples of a capital good | Vehicles and buildings |
| 3 ways to invest in human capital | Healthcare, Education, and Training |
| Euro | A European currency |
| European union | A group of nations |
| European Union | A group of nations |
| Currency | |
| Euro | A European Cureency |
| European Union | A group of nations |
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