Economic Flashcards

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Economic Flashcards for S.S.


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


Trade or manufacture in general. (manufacturing)


All possible points between two fixed points.


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


Order that restricts or prohibits trade with a country.


Money or property avalible for investment in a buisness.


Current system of money in a country.


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


A tax on imported goods.

Human Capital

The value of people's work.


Recieve goods or services now and promise to pay later.


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


To buy from another country.


To sell to another country.


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.


Payment recieved for goods or services.


Putting money into a project.


Holding your money and having it gain interest.


A country that focuses on producing one thing.


Paying money to buy goods or services.

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