economic systems

Question Answer
economy The social science that deals with the production distribution and consumption of goods and services
Bartering exchanging one good for anther with out using money
3 questions Answered what to produce how to produce it for whom to produce it for
Traditional Economy Based on Customs traditions
Command Economy Government decides what will be made and how it will be made
Market capitalism economy systems based on free trade
Capitalism Economic systems in which private owned business control the production of goods and profits free enterprise
Supply how much people have or how much is available
Demand What or how much people want
Mixed Economy both government and private owned business
Specialization the process of concentrating on and becoming expert in a particular subject or skill.
Natural Resoures Items that come from the world around us that we use for our goods
Capitol goods Items people need to produce goods
Human resources A supply of people who produce goods
Entrepreneur People with new ideas willing to take a risk to start a business
literacy rate The percentage of people in a country who can read and write
Standard of living Level of comfort in every day life
gdp the average annual income of a nations Citizens
Tariff tax on trading
quota Limits Trading
Emborgo Bans Trading
currency MONEY
Currency Exchange euro

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