Economic systeams Economic systems

Question Answers
Definition of economy MONEY.
3 Questions answered What to produce? How to produce it? For whom to produce?
Traditional economy Is an original economic system in which traditions,customs and beliefs.
Bartering Trading without money.
Market Market is when you shop
Demand What or how much people want.
Capitalism Economic system in which private owners control the production of goods and profit
Supply How much is available
Mixed economy An economic system combing private and public enterprises
Specialization The process of concentrating on and becoming expert in skill
Natural resources Nature that can be used for economic gain
Capital goods goods that are used in producing other goods
Human resource The department of a business or organization that deals with hiring
Entrepreneur A person who Starts a business and takes Risks doing this
Literacy rate The percentage of people in a country who can read or write
Standard of living Level of comfort in every day life
Gross domestic product (GDP) The average annual income of a nation citizens
Tariff A tax or duty to be paid on a partular of imports
Quota Number limit on how many items of a particular product
Currency A system of money in general is in a particular country
Currency exchange Converting one nations money into an equal value of another nations money
Embargo an official ban on trade or other commercial activity with a particular country.
command economy the goverment make all of the decions

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