Economic Systems
The method used by a society to produce and distribute goods and services?
What is the Economic System
The amount that the quantity that buyers are willing and able to buy at various prices
What is demand
A financial claim or piece of property that's a store of value.
Asset
Economic term meaning natural resources.
What is Land?
GWP
What is Gross World Product
Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets?
What is a Market Economy
Visual representation of demand
What is a Demand Curve
Paper money (such as dollar bills) and coins is also called
What is Currency
Previously manufactured goods used to make other goods or services.
What is Capital
Trade between nations around the globe
What is world trade?
Market-based economic system with limited government involvement?
What is a Mixed Economy
The amount sellers are willing and able to sell at various prices.
What is supply
Spending for Public debt and borrowings from central banks and international institutions.
What is deficit Spending
The basic problem of Economics.
What is Scarcity?
Any law or action that acts to limit trade among nations.
What is Trade Barrier
4 factors of production
What is Land, labor, capital or entrepreneurship
A visual representation of supply is
Supply curve
Periodic payments made by equities to shareholders
What is Dividends
In a democratic type of government, everyone has the right to.
What is vote?
Goods and services brought into a nation from another nation.
What is imports
Financial gain made in a transaction
What is a Profit
Cost of producing additional items
What is Marginal costs
Type of debt security that promises to make payments periodically for a specified period of time.
What is a bond.
What is given up when the alternative choice is not selected is called
What is opportunity cost?
When a country exports more than it imports.
What is Trade Surplus?