1.
3 Basic Questions the economic systems must answer: What to Make; How to Make; Whom to produce for
2.
Bartering: The free trade of goods or services
3.
Capital Goods: manufactured means of production. Used to produce other goods
4.
Command Economic System: Govt makes all the decisions
5.
Embargo: Complete trade block
6.
Entrepreneurship: Act of ownership thru risk and innovation
7.
European countries with almost a market economy: UK, Germany and Russia
8.
Example of Capital Goods: Tools, factories, equipment
9.
Example of Command System: Cuba
10.
Example of Entrepreneurship: starting your own business
11.
Example of Human Capital: People
12.
Example of Market System: USA
13.
Example of Mixed System: Brazil
14.
Example of Natural Resources: Gold, Wood, Water, Wind
15.
Example of Traditional System: Villages in Africa
16.
Exporting: Taking goods out of the country
17.
Foreign Exchange: Buying and selling with other countries
18.
Free Enterprise: Competition to produce and sell goods or services
19.
Human Capital: workforce
20.
Importing: Bringing goods into a country
21.
Market Economic System: Businesses use supply and demand
22.
Market system based on bartering: Traditional
23.
Market system based on free enterprise: Market System
24.
Market system based on individual choice: Market System
25.
Mixed Economic System: A combination of Market and Command systems.
26.
Most Communist Countries have this system?: Command
27.
Most Democratic Countries have this system?: Mixed
28.
Natural Resources: material supplied by nature
29.
Physical barriers in Europe: The Alps, The Pyreneese and the Danube River
30.
Quota: a limit on goods
31.
Scarcity: small amount of something
32.
System for exchanging currencies: Currencies have different values
33.
Tariff economic barrier: a tax put on goods
34.
Traditional Economic System: People Follow their ancestors