Kylie’s stack for history

Term Definition
economy the social science that deals with the production and distribution
bartering someones needs through trade with no money (currency)exchanging one good for another
traditional economy economic system producing what they need to survive by using bartering
command economy government has complete control over an entrepreneurs business
market system where people control based on supply and demand
capitalism economic system in which private owners control the production of goods and profit (free enterprise, market, money, economy)
supply How much people have or how much is available
demand how much a person wants
mixed economy when both government and the entrepreneur have control over the entrepreneurs business
specialization making a living by doing what a person does best
literacy rate the number of people in a given area who can read and write
standard of living how well citizens live based on good public services education health care and jobs
GDP per capital the value of all the goods and services produced in a country in one year
tariff taxes placed on imported goods
quota limits the amount of goods imported
embargo stops trade
currency money
common currency makes it easier for people in the European Union to trade with each other
European union Purpose is to strengthen the economic, political, and defensive ties of member nations
exchange rate converting one nations money into an equal whole
currency exchange exchanging money around the EU and US
who to producehow to producefor whom to produce

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