Economic Systems Word Scramble
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| Term | Definition |
| Economics | The social science that deals with the production, consumption and distribution of goods and services |
| Capitalism | Economic system where private owners control the production of goods and profit( free enterprise, market economy) |
| Bartering | Exchanging one good or service for another. |
| Supply | How much people have. |
| Demand | What or how much people want. |
| GDP (Gross Domestic Product) | The value of all the goods and services produced in a country per year. |
| Standard of Living | The degree of wealth and material comfort available to a person or community. |
| Literacy Race | The percentage of people in a country who can read and write. |
| Specialization | Making a living doing what a person does best. |
| Currency | Money. |
| Currency Exchange | Trading one type of currency for another. |
| Voluntary Trade | A market where buyers and sellers can sell and buy by their own preference or refuse to if they choose. |
| Traditional Economy | Based on customs and traditions. |
| Command Economy | Government decides what goods are made and how they will be made. |
| Market Economic System | The people own resources and keep the profits. |
| Mixed Economic System | Combination of government and privately owned business. |
| 3 Questions Answered | What to produce? How to produce it? For whom to produce? |
| Embargo | Forbid trade with another country. |
| Quota | Restrictions on the amount of goods that can be imported into a country. |
| Tariffs | Taxes placed on imported goods. |
| Euro | Common currency in the European Union |
| EU promotes | Free trade and democracy |
| Natural Resources | Naturally occurring source of wealth, such as land and water. |
| Capital goods | Machines and tools used in the production of other goods. |
| Human Resources | People in the workforce (employees). |
| Entrepreneur | Person who takes a risk to start a new business. |
| Two examples of a capital good | An oven and a 3D printer. |
| Three examples of human capital | Healthcare, training, and education. |
Created by:
Lams4life
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