Economic Systems
The method used by a society to produce and distribute goods and services
What is an Economic System?
The combination of desire, ability, and willingness to buy a product
What is demand?
Anything that serves as a medium of exchange, a unit of account, and a store of value
What is money?
This is an economic system combining private and public enterprise
What is a mixed economy?
This is movement of people between countries
What is migration?
This is a market-based economic system with limited government involvement
What is a mixed economy?
The amount demanded at any given price
What is quantity demand?
The direct exchange of one set of goods or services for another
What is barter?
This is international trade left to its natural course without tariffs or other restrictions
What is free trade?
This is trade between nations around the globe
What is world trade?
This is an organization that uses resources to produce a product which it then sells
What is a firm?
The amount of product offered for sale at all possible prices in a market
What is supply?
Coins and paper bills used as money
What is currency?
This is a tax or duty to be paid on a particular class of imports or exports
What are tariffs?
This refers to fluctuations in the level of economic in the global economy over time
What is International Business cycle?
This is the financial gain made in a transaction
What is profit?
The variable plus fixed costs, all costs associated with production
What is total costs?
Money that has value because the government has ordered that it is an acceptable means to pay debts
What is fiat money?
This is a market in which share prices are rising, encouraging buying
What is bull market?
This is who we trade with
What is the direction of trade flows?
This is an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
What is Free Enterprise?
A situation where quantity supplied is greater than quantity demanded at a given price
What is a surplus?
This is a specific type of loan that is used to buy real estate
This is a sustained, long-term downturn in economic activity in one or more economies
What is Economic Depression?
This is a mix of what goods and services are traded
What is the composition of trade?