Economic Systems
Resources are distributed mainly through families using farming, herding, and hunting and gathering.
What is a traditional economy?
Supply and demand are used to determine this.
What is Pricing?
Supplies that are used to meet our wants and needs.
What are Resources?
A country's economic performance measured by this.
What is Gross Domestic Product (GDP)?
The business of buying, selling or bartering for goods and services.
What is trade?
The means of production are privately owned and production is guided by demand for products and resources.
What is a market economy (capitalism)?
The Relationship between Supply and Demand.
What is when demand is high, supply is low?
OR
What is when demand is low, supply is high?
Resources that come from the earth.
What are natural resources?
The level at which a person's needs are being met.
What is standard of living?
Sending goods and services to another country.
What is export?
The means of production are publicly owned and production and distribution are controlled by the government.
What is a command economy (communism)?
The Relationship between Price & Demand.
What is when demand is high, price is high?
OR
What is when demand is low, price is low?
Resources supplied by people.
What are human resources?
The total dollar value of all final goods and services produced in a country during a single year.
What is Gross Domestic Product (GDP)
Bringing goods and services into the country.
What is imports?
Parts of the economy may be privately owned, parts may be publicly owned, and individuals make some economic decisions and the government makes others.
What is a mixed economy?
The Relationship between Supply & Price.
What is when supply is high, price is low?
OR
What is when supply is low, price is high?
Resources that can be totally replaced.
What are renewable resources?
Standard of Living includes these needs.
What are food, shelter, clothing, education, and health care?
When groups of countries have little or no tariffs (import taxes) when trading between each other.
What is free trade?
How a society decides on the ownership and distribution of its economic resources to satisfy wants and needs.
What are economic systems?
There aren’t enough resources to meet everyone’s wants.
What is scarcity?
Resources that cannot be totally replaced.
What are non-renewable resources?
The value of what we must give up to acquire something else.
What is opportunity cost?
Trading good for good.
What is bartering?