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Economic Flashcards for S.S.

Economy

system that sets rules for how people decide what goods and services to produce, and how they are exchanged. (who, what, for whom, how much)

Traditional System

An economy based on customs handed down from generation to generation

Command System

The government makes all economic decisions. The people have little or no say.

Market System

In a market system, the people make all economic decisions.

Mixed System

A mixed system is a mix of two or more economic systems

Industry

Trade or manufacture in general. (manufacturing)

Continuum

All possible points between two fixed points.

Quota

Number limit on how many items of a paticular country can be imported.

Embargo

Order that restricts or prohibits trade with a country.

Capital

Money or property avalible for investment in a buisness.

Currency

Current system of money in a country.

Trade

The act of selling or exchanging, either within or between countries.

Tariff

A tax on imported goods.

Human Capital

The value of people's work.

Credit

Recieve goods or services now and promise to pay later.

Entreprenuer

A risk taking buisness person who begins a new buisness to make a profit.

Import

To buy from another country.

Export

To sell to another country.

GDP

The value of goods and services produced in a year by a country. (Gross Dotmestic Product)

Trade Barriers

Any restriction that makes trade difficult or impossible.

Income

Payment recieved for goods or services.

Investing

Putting money into a project.

Saving

Holding your money and having it gain interest.

Specialization

A country that focuses on producing one thing.

Spending

Paying money to buy goods or services.

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