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25 terms

Economic Flashcards

Economic Flashcards for S.S.
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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.