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Economic Systems
Terms related to economic systems
| Term | Definition |
|---|---|
| Capitalism | private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market |
| Free Enterprise or Free Market | freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance |
| Socialism | collective or governmental ownership and administration of the means of production and distribution of goods |
| Communism | a system in which goods are owned in common and are available to all as needed; no private property or ownership |
| Consumer | someone who uses goods and services |
| Producer | someone who creates goods and services |
| Standard of Living | the necessities, comforts, and luxuries enjoyed or aspired to by an individual or group; lifestyle |
| Supply and Demand | the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy |
| Private Ownership | goods, services and businesses are owned by a private individual or organization, rather than by the state or public |
| Public Ownership | the government owns property, businesses, industries, etc. |
| Tariffs | a schedule of duties (taxes) imposed by a government on imported or in some countries exported goods |
| Capital | wealth (money and goods) that's used to produce more wealth |
| Imports | to bring (something, such as merchandise) into a place or country from another country |
| Exports | to carry or send (something, such as a commodity) to some other place (such as another country) |
| Barter | to trade goods or services in exchange for other goods or services |
| Trade | the business of buying and selling or bartering commodities; an exchange of property usually without use of money |
| Supply | the quantity or amount (as of a commodity) needed or available |
| Demand | an act of demanding or asking especially with authority |
| Mercantilism | a favorable balance of trade, the development of agriculture and manufactures, and the establishment of foreign trading monopolies |
| Market Economy | an economy in which most goods and services are produced and distributed through free markets |
| Traditional Economy | an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution |
| Mixed Economy | an economy in which some companies are owned by the government and other companies are not |
| Command Economy | an economic system in which activity is controlled by a central authority and the means of production are publicly owned |
Created by:
yer.yang
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