Economic Systems

Vocabulary I

Vocabulary II

Vocabulary III

100

This system answers economic questions based on traditional customs and values passed down from generation to generation.

Traditional Economy

200
This system answers economic questions through strict government control.

Command Economy

300

This system answers economic questions based on supply and demand. What people want to buy and sell determines what goods and services are produced.

Market Economy

400

In this economic system, the country's resources and capital are owned by private individuals and businesses. They are free to decide what to produce and how much to charge.

Market Economy

500

This type of economy is often found in agricultural societies that live as their ancestors did many years ago.

Traditional Economy

100

There are not enough resources to produce everything people want and need.

Scarcity

200

They way in which a country produces and distributes goods and services.

economic system

300

This is what we call any economic system that is a combination of both command and market.

Mixed Economy

400

The total value of all goods and services produced by a country in one year.

GDP

500

Resources that are found in nature. Examples are: land, water, minerals, oil, fish.

Natural Resources

100

These resources provide workers with the best and newest tools. Examples include: factories, machinery, tools.

Capital Goods

200

Education and training of workers greatly improves a country's standard of living. Citizens who are literate have a better chance of getting a good job and contributing to the economy in general. 

Education and training of workers is an example of investing in____ _______

Human Capital

300

A person who takes the risks necessary to start a new business is someone who plays a vital role in a country's economy. They help the economy grow by opening new business and developing new products. 

entrepreneur

400

This is the value of what is given up when one choice is made over another.

opportunity cost

500

When a country focuses its available resources on producing a limited or specific variety of goods.

Specialization

100

An added tax on imports used to protect a country's own businesses from foreign competition.

Tariff

200

A limit on the quantity of an item brought into a country. These are often used to prevent too much of a good from entering a country and lowering the prices so that local businesses are protected from a loss.

Quota

300

A ban on trade with a specific nation or group of nations. Often used for political purposes.

Embargo

400

A system for converting money from one currency to another.

Currency Exchange

500

The action of buying and selling goods and services.

Trade

Game Settings

Aesthetic

Utilities

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