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Economic System

TermDefinition
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 system where private owners control the production of goods and profit
Supply How much people have
Demand What or how much people want
GDP The value of all of the goods and services produced in a country per year
Standard of living level of comfort in every day 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 buy products or refuse to if they so choose
3 questions economic system answers 1. What to produce ? 2. How to produce ? 3. For whom to produce ?
market economy people
command economy Government decides what goods are made and how they will be made.
mixed economy combination of government and privately owned business
traditional economy Based on customs and traditions
human capital 1. a supply of people who can produce goods and services. 2. can be improved by training, education and healthcare.
capital goods items that people need to perform their job. ex: factories, supplies, computers, machinery.
natural resources items that come from world around us that we use for our own purpose. ex: oil, trees, water.
entrepreneur 1. people with new ideas that willing to take risks to start a business or make a product. ex: the person who started Starbucks.
tariffs a tax on imported goods.
quotas limit on particular product
embargo bans trading for political reasons
European Union( EU ) it is a group of nations that have joined forces to solve problems. EU is a free trade zone,
Euro currency
2 example of capital goods machinery and factories
3 ways to invest in human capital training, education, and healthcare
Created by: Diya17
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