Term Definition
Economics The social science that deals with the production, distribution, and consumption of goods & services
Bartering Exchanging of one good or service for another
Capitalism Economic system in which private owners control the production of goods and profits
Supply How much people have or how much is avalivable
3 questions answered What to produce? How to produce? For whom to produce? bv
Traditional Economy Based on customs and traditions
Command Economy an economy in which production, investment, prices, and incomes are determined centrally by a government
Market (capitalism) Economic system based on foren trade and competition
Demand What or how much people want
Mixed Economy Combination of government and privately owned businesses
Specialization Making a living of what people do best
Literacy Rate The percentage of people in a country who can read and write
Standerd of Living The level of comfort in everyday life
GDP (Gross Domestic Product) The average annual income of a nation's citizen
Tariff A tax on imported goods
Quota Number of limit on how many idems a particular product can be imported
Embargo Bands on trading with other countrys
Currency Money
Currency Exchange A form of currency for another
Entrepreneur Someone who risks their money and time to start a bushiness
Human Capital Your contributory to your society
Capital Good Goods that are used in producing other goods
Natural Resources Not man made

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