Card Set Information
Are differnt names for marked systems
An economy in which centralized planning groups decide what and how goods and servies will be prduced, distributed, and consumed.
An economy in which custom and habits of the past decide what and how goods and servies producced,distibuted, and comsumed
An economy in which changes is price guide what and how goods and services will be produced, distrbuted,and consumed.
The way a country decides what goods and services will be provided, how they will be produced, and who will consume.
The limited supply of something.
When bussnesse can operate without too mant rules from the government.
When all modern economies have caracteristics of both systems than outhers.
A person that takes a risk to sart a new business
Materials such as minerals, forest,water ,and fertile land that occur in nature can be used for economic gain.
An asset, such as land, buildings or equpment that is ownd by a company and used to produce of good services.
The portion of the population over 15 that can read or write.
Standard of living
A level of comfort in everyday life enjoyed by a communty,class, or individal
GDP Per Capita
The value of goods produced per person in the country, you get it by dividing the countries GDP by total
GDP stands for Gross Demestic Product, it is the total value of all goods, services, produce,and minerals in a country in a year.
The entire life experience of the individual.
Excange that is pesently used.
An area in which goods may be ladedand handled whthout the intervention of constoms.
When a government order imposing trade barrier.
Tariffs and Quotas
The most common types of trade barriers.
When countries somthimes have try to limit trade whith outher countries