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Economic Systems Matching
EXCHANGE RATE
How much one currency is worth in terms of another
ENTREPRENEUR
People with new ideas, willing to start a business -RESTURAUNT OWNERS -STARBUCKS CREATOR FedEx CREATOR
VOLUNTARY TRADE
Describes a market where buyers and sellers have the right to sell and buy products or refuse to, if they choose to
MIXED ECONOMY
Limited government involvement while applying free market concepts
ECONOMICS
The social science that deals with the production distribution and consumption of goods and services
CAPITAL GOODS
Items needed for people to preform their jobs -MACHINERY -PAPER/PENCILS -FACTORIES
SPECIALIZATION
Making a living Doing what a person does best
TRADITIONAL ECONOMY
Based on customs and traditions.
3 QUESTIONS AND ECONOMIC SYSTEM ANSWERS
1. What to produce? 3. For whom to produce for? 2. How to produce it?
MARKET ECONOMY
Consumer choices determine how industry and financial markets operate. No government
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