Economic Systems & Factors of Production
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| Economic system where roles are handed down from generation to generation and the basic questions are answered as they have been since the distant past | Traditional Economy
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| Economy in which the government controls the means of production, property, and makes all decisions about production and consumption. | Command Economy
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| In this economy, producers and consumers make the economic decisions and the productive resources are privately owned | Market Economy
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| Contains elements of market and command economies |
Mixed Economy
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| Gifts of nature; resources that come from the earth | Natural Resources
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| People and their jobs, skills, training, education | Human Captial
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| Machinery,equipment and technology that makes work easier | Capital Goods
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| Person who takes a risk and starts a business | Entrepreneur
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| Another term for trade with other countries | Voluntary Exchange
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| Quality of life; how well or poorly a person lives | Standard of living
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| These are the basic economic questions | What to produce? How to produce it? For whom to produce?
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| The total dollar ($) value of final goods and services produced in a country in one year. | GDP (Gross Domestic Product)
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| In this economy individuals have a great deal of freedom; they may buy and sell what they want | Market Economy
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| This economy is the least free. Individuals have little choice in what they buy and sell. | Command Economy
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| This productive resource is important to the economy because they provide jobs. Their businesses also produce valuable goods and services | Entrepreneurs
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| The percent of people in a country that can read and write | Literacy rate
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| Because there are no pure Market or Command economies, most economies in the world today are: | Mixed
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| Most democratic countries in the world will have economies that lean more towards: | Market
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| These are the four productive resources (or factors of production) | Natural Resources, Human Capital (Human Resources), Capital Goods (Physical Capital, Capital Resources), Entrepreneurship
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| This economy is the least likely one to be found in Europe | Traditional economy
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| Simple farming, hunting, gathering, and simple fishing are jobs in what type of economy? | Traditional economy
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| No government; private owned businesses | Market economy
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| private businesses, government ( protection, roads, schools) | Mixed economy
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| What is the common currency of the European Union (EU)? | The Euro
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| What must all EU countries have in common in their form of government? | They must all be democratic
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| What is the purpose (goals) of the European Union? | - Solve common problems - Increase safety and security of countries - Make trade easier (with common currency and creation of free trade zone) - Improve economic well being of countries - Increase standard of living for people - Improve environment
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| The GDP of a country divided by its population | GDP per capita (per person)
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| Why do we pay attention to GDP per capita? | It is a good indicator of the standard of living in a country
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| What does GDP help us understand? | The size and strength of an economy
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| This economy is driven by competition and supply and demand | Market Economy
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| What are some synonyms for a market economy? | Capitalism, Free-Enterprise, Free Market
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| When countries focus on producing a small range of goods that they have the resources for this is called: | Specialization
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| When countries rely on one anther for goods. Specialization leads to this: | Interdependence
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| An action, law, or policy that restricts trade or makes it harder. | Trade Barrier
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| A tax on imports which raises their price. Used to protect domestic business/jobs. | Tariff
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| A complete ban on trade with another country. Used to punish another country. | Embargo
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| A number limit on imports. Used to protect domestic businesses/jobs. | Quota
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| What is currency? | Money
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| What do currency exchange rates tell us? | The value of one country's money compared to another
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| What is a problem with currency exchange? | Banks charge a fee to exchange currency. If you exchange a lot of money, you will pay a lot in fees
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