Economic + Systems = Ecosystems
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| What is economics? | Social science that deals with the production,distribution, and consumtion of goods.
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| What three questions are answered in an economic system? | 1(What to produce? 2(How to produce it? 3(For whom to produce it?
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| What is a traditional economic system? | Based on customs and traditions
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| What is bartering? | The exchanging of goods for another
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| What is a command economy? | Decides what goods are made and how they will be made
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| What is a market economy? | Economy that operates by voluntary exchange
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| What is capitalism? | Economic system in which private owners control the production of goods and profit.
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| How many countries have a market economy? | ZERO!!!!!!!!!!
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| What is supply? | Quantity of a product or service in a market and available for purchase.
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| What is demand? | The desire to purchase and the power to do so
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| What is a mixed economy? | Combination of privately owned and government owned businesses.
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| What is a tariff? | A special tax.
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| What is a quota? | A limit on the amount of foreign goods bought.
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| What is an embargo? | A ban on trade with another country.
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| What is GDP? | Total amount of final goods and services produced in that country in a year.
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| What are human resources? | People who perform labor.
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| What are capital goods | Items that people need to perform their jobs.
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| What are natural resources? | Resources that come from nature.
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| What is an entrepreneur? | People who take a risk to make a product.
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| What is standard of living? | How well citizens live in a country.
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| What is literacy rate? | The amount of people in a country that can read and write.
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| What is specialization? | Producing or providing a service based on what you do best.
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| What is opportunity cost? | Value of what is given up when a choice is made.
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| What are two examples of capital goods? | Shovel, oven, etc.
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| What are two examples of natural resources? | Soil,seeds, etc.
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| What are two ways a country can invest in its human resources? | It can provide training and education to people.
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| What is exchange rate? | How much one currency is worth in terms of another.
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| What is currency? | Money
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Created by:
The_Selfieholic
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