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Study sets matching "studies economics systems"

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Study sets matching "studies economics systems"

13 terms
Global Studies Economic Systems
Traditional Feudalism
Mercantilism
Fuedalism
Mercantalism
Land exchanged for services... self - sufficient manor... little tr…
a nation prospered by exporting more goods to foreign nations…
Traditional Feudalism
Land exchanged for services... self - sufficient manor... little tr…
Mercantilism
37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
38 terms
Economic Systems Test Study Guide
GDP v. GNP
GDP per Capita
Wealth of Nations
Answer to Smith's question
-Gross Domestic Product (GDP) - the total value of goods prod…
-It shows each person's "share" of the GDP... Why is it better?…
Book written by Adam Smith in 1776. ... Set out to answer the qu…
The Invisible Hand: "It is not from the benevolence of the bu…
GDP v. GNP
-Gross Domestic Product (GDP) - the total value of goods prod…
GDP per Capita
-It shows each person's "share" of the GDP... Why is it better?…
12 terms
Study Guide #12 - Economic Systems
Economy
Traditional economy
Market Economy/ Capitalism
Command economy
A system for making, buying, and selling goods/services to fu…
An economic system in which individuals make/produce what the…
An economic system in which economic decisions are made by in…
An economic system in which economic decisions are made by th…
Economy
A system for making, buying, and selling goods/services to fu…
Traditional economy
An economic system in which individuals make/produce what the…
Social Studies: ECONOMIC SYSTEMS
Marketplace
Scarcity
Resources
Choice
The commercial activity of buying and selling goods and servi…
Having a lack of items.
Factors of production such as land, labor, and money that are…
When business owners make decisions about goods and services…
Marketplace
The commercial activity of buying and selling goods and servi…
Scarcity
Having a lack of items.
Social studies economic systems
Economic systems
Traditional economy
Pros of a traditional economy:
Cons of a traditional economy:
A group of producers, sellers, and buyers (consumers)
Family or community based economy where ritual, custom, and h…
Usually small, easy to control, inexpensive to maintain
Could be hard to to things a different (perhaps better) way
Economic systems
A group of producers, sellers, and buyers (consumers)
Traditional economy
Family or community based economy where ritual, custom, and h…
13 terms
Social Studies (Economic Systems)
Define economic systems:
Define Traditional economy:
Pros of traditional economy:
Cons of traditional economy:
A group of producers, sellers and buyers (consumers)
family or community based economy where ritual, custom, and h…
Usually small, easy to control, inexpensive to maintain
could be hard to do things a different (perhaps better) way.
Define economic systems:
A group of producers, sellers and buyers (consumers)
Define Traditional economy:
family or community based economy where ritual, custom, and h…
14 terms
Social Studies : Economic Systems
economic system
market
service
goods
the production and exchange of goods and services in a country
any place where there are people who have the desire and abil…
an activity or action that can be bought or sold (teaching, w…
items / objects that have been processed
economic system
the production and exchange of goods and services in a country
market
any place where there are people who have the desire and abil…
15 terms
Social Studies Economic systems
Economic System
Gross Domestic Product (GDP)
Per Capita GDP
Traditional Economy
A nation's way of producing things that a county wants or needs
The total dollar value of all final goods and services that a…
The total GDP divided by the country's population
An economic system where tradition and custom govern economic…
Economic System
A nation's way of producing things that a county wants or needs
Gross Domestic Product (GDP)
The total dollar value of all final goods and services that a…
40 terms
Economic System - Study Guide
quota
command economy
What to produce, how to produce, and f…
The higher the literacy rate
Limit on how many items can be imported from a country
Economic system of communist countries
Three economic questions that are asked among the nations of…
the higher the standard of living
quota
Limit on how many items can be imported from a country
command economy
Economic system of communist countries
26 terms
Economic systems
traditional economy
economic systems
command system
socialism
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system characterized by a central authority that mak…
economic system in which government owns some factors of prod…
traditional economy
economic system in which the allocation of scarce resources,…
economic systems
organized way a society provides for the wants and needs of i…
8 terms
Social Studies: Economic systems
I have to do this job because that is…
North Korea & Cuba is a common locatio…
The Government is in control of this e…
Most stressful system.
Traditional
Command
Command
Command & Market
I have to do this job because that is…
Traditional
North Korea & Cuba is a common locatio…
Command
27 terms
economic systems study guide
In a free market, who determines the d…
Who sees the demand and makes more of…
Does more supply cause the price to de…
Supply-
In a free market, the consumers decide the demand.
The producer sees the demand.
Yes because the demand is fulfilled and the consumers don't d…
Is the amount of goods producers are able to and willing to s…
In a free market, who determines the d…
In a free market, the consumers decide the demand.
Who sees the demand and makes more of…
The producer sees the demand.
10 terms
Economic Systems Study Guide
under which economic system is most pr…
what are the characteristics of a pure…
under which type of system is it easie…
which word do economist use for fairness
capitalism economic system
a system in which individuals own the factors of production a…
market system
equity
under which economic system is most pr…
capitalism economic system
what are the characteristics of a pure…
a system in which individuals own the factors of production a…
15 terms
Social studies: Economic systems
___________- how people use limited __…
The three economic questions:... A. What…
__________ _________- an economic syst…
The basics of a traditional economy is…
Economics, resources, needs, and wants
A. Goods and services B. Produce C. Whom
Traditional economy, produce, most, and survive
A. Gathering B. Hunting C. Farming D. Herding
___________- how people use limited __…
Economics, resources, needs, and wants
The three economic questions:... A. What…
A. Goods and services B. Produce C. Whom
12 terms
Economic Systems Study Guide
Economic System
Tradition Based Economic System
Example of Tradition Based Economy
List 3 Advantages and Disadvantages of…
the way in which a society decides how to use its resources t…
economic decisions are based largely on customs, production i…
Amish/ Quaker and Congo
Advantages- stable, all the basic needs met, and no crime... Dis…
Economic System
the way in which a society decides how to use its resources t…
Tradition Based Economic System
economic decisions are based largely on customs, production i…
30 terms
Economic Systems Study Guide
Specialization
How do production possibilities shift…
Opportunity cost
7 broad social and economic goal
factors of production perform tasks that they can do relative…
more efficiency or resources
the value of the next best alternative given up when making d…
freedom ... efficiency... equity (fairness)... security ... full employme…
Specialization
factors of production perform tasks that they can do relative…
How do production possibilities shift…
more efficiency or resources
8 terms
Economic Systems Study Set
Economic System
Traditional System
Market System
Consumer
The way that a country or culture produces and distributes go…
An economic system based on past ways of life and culture
An economic system in which individuals control the productio…
A person who buys goods and services.
Economic System
The way that a country or culture produces and distributes go…
Traditional System
An economic system based on past ways of life and culture
21 terms
Economic Systems study guide
Socialist
Trade-Off
Nationalization
Communist
...
The alternatives that must be given up
Government steps in and takes over a part of the economy
...
Socialist
...
Trade-Off
The alternatives that must be given up
22 terms
Economic Systems for Social Studies
What is a economic system?
What 3 questions must an economic syst…
What are some advantages of a Traditio…
What are some disadvantages of a tradi…
describes how countries economy is organized
1 What... 2 How... 3 Who for?
people have a specific role; security in way things are done;…
technology not used; difficult to improve; no incentives; no…
What is a economic system?
describes how countries economy is organized
What 3 questions must an economic syst…
1 What... 2 How... 3 Who for?
29 terms
Social Studies Governments and Economic Systems
Sovereign State
Four features of a sovereign state:
Population
Territory
People living in a defined space, with the power to make and…
Population, territory, sovereignty, government
People who are members of a state
The area in which a state's rule applies (with boundaries)
Sovereign State
People living in a defined space, with the power to make and…
Four features of a sovereign state:
Population, territory, sovereignty, government
13 terms
Economic Systems
Traditional economy
Command economy
Market economy
Mixed-economy
Economy based on barter and trade
All economic decisions are made by the government. Their are…
Economy is determined by consumer's preferences
Economy is partly determined by the government and partly by…
Traditional economy
Economy based on barter and trade
Command economy
All economic decisions are made by the government. Their are…
9 terms
Economic systems study guide
Economics
Who determines how resources are used ?
What are three types of economies?
What are the three ideologies?
Study of how limited resources are used to satisfy People's w…
Political Systems
Market, Command and Traditional
Capitalism, Communism, and Socialism
Economics
Study of how limited resources are used to satisfy People's w…
Who determines how resources are used ?
Political Systems
41 terms
Economic Systems
Economic systems
Physical Capital
Human Capital
Entrepreneurs
is the method to distribute goods and services they try to an…
all-human made goods that are used to produce other goods and…
the knowledge and skills a person possesses
a risk- taking individual in search of profits who does somet…
Economic systems
is the method to distribute goods and services they try to an…
Physical Capital
all-human made goods that are used to produce other goods and…
25 terms
Economic Systems Study Guide
What is scarcity?
When countries have a plan of how to u…
What are the three basic economic ques…
What are the three major types of econ…
The limited supply of something
Economic System
What goods/services will be produced?... How will goods/services…
Traditional... Command... Market
What is scarcity?
The limited supply of something
When countries have a plan of how to u…
Economic System
13 terms
Economic Systems
incentive
mixed or modified free enterprise econ…
consumer sovereignty
profit
something that motivates
economy where people carry on their economic affairs freely b…
role of consumer as ruler of the market when determining the…
extent to which persons or organizations are better off finan…
incentive
something that motivates
mixed or modified free enterprise econ…
economy where people carry on their economic affairs freely b…
17 terms
Economic Systems
economy
traditional economy
free enterprise
market economy
the process or system by which goods and services are produce…
a system in which tradition and custom control all economic a…
a system in which private individuals or groups have the righ…
an economic system based on free enterprise, in which busines…
economy
the process or system by which goods and services are produce…
traditional economy
a system in which tradition and custom control all economic a…
11 terms
Economic Systems Study Questions
each society must decide _____________…
because resources are ________, each d…
As a society decides ________ its goof…
Who consumes goods and services and ho…
what to produce
Limited
how to produce... land... labor... capital
Distribution of income.
each society must decide _____________…
what to produce
because resources are ________, each d…
Limited
5 terms
Economic Systems
Command
Market
Economy
Traditional
An economic system where decisions are made by the government.
An economic system where decisions are made by producers and…
The way in which a nation manages is production and distribut…
An economic system where decisions are made based on culture,…
Command
An economic system where decisions are made by the government.
Market
An economic system where decisions are made by producers and…
25 terms
Economic system study guide
the state of being scarce or in short…
Economic system
What to produce? For whom to produce?…
free market, command, and traditional
What is scarcity?
When countries have a plan of how to use their resources, it'…
What are the three basic economic questions?
What are the three major types of economies?
the state of being scarce or in short…
What is scarcity?
Economic system
When countries have a plan of how to use their resources, it'…
21 terms
Economics: Economic Systems
Economic System
Patriotism
Safety Net
Standard of Living
The method used by a society to produce and distribute goods…
The love of one's country; the passion that inspires a person…
Government programs that protect people experiencing unfavora…
A measurement of of the quality of life based on ownership of…
Economic System
The method used by a society to produce and distribute goods…
Patriotism
The love of one's country; the passion that inspires a person…
27 terms
Economic Systems and GDP Study Guide
GDP Per Capita Equation
Exports
Imports
Standard of Living
GDP divided by Population
Goods we ship to other countries
Goods we bring in from other countries
Level of economic prosperity
GDP Per Capita Equation
GDP divided by Population
Exports
Goods we ship to other countries
16 terms
Economic Systems- detailed study terms
capitalism
communism
consumer
demand
economic system where wealth and property is owned by individ…
economic system where wealth and property is owned, controlle…
person who buy goods or services
how much a good or service is wanted/needed by the public; th…
capitalism
economic system where wealth and property is owned by individ…
communism
economic system where wealth and property is owned, controlle…
9 terms
Economic Systems- basic study terms
consumer
demand
producer
supply
person who buy goods or services
how much a good or service is wanted/needed by the public; th…
a person who makes or sell goods or services
how much of a good or service there is
consumer
person who buy goods or services
demand
how much a good or service is wanted/needed by the public; th…
13 terms
Social Studies Economic Term/Systems
Traditional
Command
Market
Mixed
Culture type economy. Used in villages like Africa.
Government decides EVERYTHING. It is like communism. North Ko…
Business based decisions. Government doesn't devices anything…
Command and Market in one. Government and businesses decided.…
Traditional
Culture type economy. Used in villages like Africa.
Command
Government decides EVERYTHING. It is like communism. North Ko…
14 terms
Economic Systems
Traditional economy
Command economy
Market economy
Mixed-economy
Economy based on barter and trade
All economic decisions are made by the government. There are…
Economy is determined by consumer's preferences
Economy is partly determined by the government and partly by…
Traditional economy
Economy based on barter and trade
Command economy
All economic decisions are made by the government. There are…
11 terms
7th-Social Studies: Economic System
tariff
import quota
emargo
capital
A tax on imported goods
a limit on the amount of a good that can be imported
total ban on goods coming or leaveing country
An economic system based on private property and free enterpr…
tariff
A tax on imported goods
import quota
a limit on the amount of a good that can be imported
19 terms
Economic Systems
Economic System
Safety Net
Standard of Living
Traditional Economy
The method used by a society to produce and distribute goods…
Government programs that protect people experiencing unfavora…
A measurement of of the quality of life based on ownership of…
An economic system where custom and habit determine what will…
Economic System
The method used by a society to produce and distribute goods…
Safety Net
Government programs that protect people experiencing unfavora…
24 terms
World Studies Economic Systems Vocabulary
OPEC
import
export
scarcity
Organization of Petroleum Exporting Countries
the products a country brings in from other countries
the products a country ships out to other countries
human wants exceed what can be produced with the limited reso…
OPEC
Organization of Petroleum Exporting Countries
import
the products a country brings in from other countries
26 terms
Economic systems
traditional economy
economic systems
command system
socialism
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system characterized by a central authority that mak…
economic system in which government owns some factors of prod…
traditional economy
economic system in which the allocation of scarce resources,…
economic systems
organized way a society provides for the wants and needs of i…
21 terms
Economics Unit 2: Economic Systems
Economic System
Patriotism
Safety Net
Standard of Living
The method used by a society to produce and distribute goods…
The love of one's country; the passion that inspires a person…
Government programs that protect people experiencing unfavora…
A measurement of of the quality of life based on ownership of…
Economic System
The method used by a society to produce and distribute goods…
Patriotism
The love of one's country; the passion that inspires a person…
34 terms
Social Studies - Economic Concept and Systems
balance of trade
budget
consumption
deflation
a measure of a nation's exports vs. imports
planning how current money will be allocated
the uses of resources
an overall decrease in the price of goods and services
balance of trade
a measure of a nation's exports vs. imports
budget
planning how current money will be allocated
10 terms
Economic Systems
traditional economy
economic systems
market economy
market
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system in which supply, demand, and the price system…
meeting place or arrangement through which buyers and sellers…
traditional economy
economic system in which the allocation of scarce resources,…
economic systems
organized way a society provides for the wants and needs of i…
13 terms
Economic Systems
traditional economy
economic systems
command economy
socialism
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system characterized by a central authority that mak…
economic system in which government owns some factors of prod…
traditional economy
economic system in which the allocation of scarce resources,…
economic systems
organized way a society provides for the wants and needs of i…
12 terms
Economic Systems
Profit
Traditional Economy
Command Economy
Market Economy
The difference between the cost of producing something and th…
Decisions are based on long-held beliefs and customs
Decisions are made by the government
Decisions are made by individuals competing freely with one a…
Profit
The difference between the cost of producing something and th…
Traditional Economy
Decisions are based on long-held beliefs and customs
31 terms
Economic Systems
Economics
Economy
Good
Service
The social science that studies the production, distribution,…
All of the human activities related to producing and distribu…
Anything that can be produced for sale which you can touch, l…
Non-material things that are produced for sale (or hire), lik…
Economics
The social science that studies the production, distribution,…
Economy
All of the human activities related to producing and distribu…
10 terms
Economic Systems
England
Germany
Russia
Euro
Mixed- mostly a market economy with the least amount of gover…
Mixed- leans closet to a market economy with some government…
Mixed- leans closest to a command economy with very much gove…
The currency used by the European Union
England
Mixed- mostly a market economy with the least amount of gover…
Germany
Mixed- leans closet to a market economy with some government…
8 terms
Economic systems
economics
economic systems
traditional economy
subsistence farming
the study of how people meet their needs ($)
determines how a society answers the three fundamental questi…
people meet their basic needs as their ancestors have done (f…
people grow just enough food to meet their own needs
economics
the study of how people meet their needs ($)
economic systems
determines how a society answers the three fundamental questi…
18 terms
Chapter 2 Economics STUDY GUIDE|Economic Systems
What are the characteristics of a cent…
What is competition?
Why does a free market economy need so…
What are the 3 KEY economic questions?
1. Consumers' demand is predictable or controllable ... 2. Supp…
a rivalry among sellers trying to achieve certain goals like…
to provide for things that the market place does not address
a) What goods & services should be produced?... b) How should g…
What are the characteristics of a cent…
1. Consumers' demand is predictable or controllable ... 2. Supp…
What is competition?
a rivalry among sellers trying to achieve certain goals like…
12 terms
Economic Systems
Profit
Traditional Economy
Command Economy
Market Economy
The difference between the cost of producing something and th…
Decisions are based on long-held beliefs and customs
Decisions are made by the government
Decisions are made by individuals competing freely with one a…
Profit
The difference between the cost of producing something and th…
Traditional Economy
Decisions are based on long-held beliefs and customs
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