Ecconomic systems

Question Answer
What to_________ ? How to ________it? For whom to______ ? Produce
Economics The social science that deals with the preparation , distribution & concatenation of goods and surfaces
Bartering Exchanging one good or surfaces for another
Traditional economy Who owns the resources : all members of the economy hunters and gatherers . Who keeps the profits : no money profits : goal is to survive.
Command economy Government bedsides what goods are made & how they will be made. Ex: North Korea & Cuba
Market Economic system base on free trade & competition
Mixed Combination of government & privately owned businesses
Supply How much people have or how much is avail
Demand What or how much people want
Specialization Making a living of what a person dose best
Natural resource Items that come from Nature
Capital goods Items that people need to perform for there job
Human resource A supple of people who can produce goods & services
Entrepreneur New ideas and willing to risk there money and time
GDP The average income of a nations citizen
Literacy rate The present of people who can read and write
Stander of living Live a comfortable every day life
Embargo Forbids trade
Tariffs Taxes place on good form other Country
Quotas number of limits on a particular items
Currey Money.Ex-Canadian Dollars
Currency rate converting one nations money & equal value of another nations money

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