SS vocab

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  1. Enterpise,Capitalisim,and Laissezfair
    Are differnt names for marked systems
  2. Command economy
    An economy in which centralized planning groups decide what and how goods and servies will be prduced, distributed, and consumed.
  3. Triditional economy
    An economy in which custom and habits of the past decide what and how goods and servies producced,distibuted, and comsumed
  4. Market Economy
    An economy in which changes is price guide what and how goods and services will be produced, distrbuted,and consumed.
  5. Economic system
    The way a country decides what goods and services will be provided, how they will be produced, and who will consume.
  6. Scarcity
    The limited supply of something.
  7. Free economies
    When bussnesse can operate without too mant rules from the government.
  8. Mixed economies
    When all modern economies have caracteristics of both systems than outhers.
  9. Entreprenur
    A person that takes a risk to sart a new business
  10. Natural resources
    Materials such as minerals, forest,water ,and fertile land that occur in nature can be used for economic gain.
  11. Physical capital
    An asset, such as land, buildings or equpment that is ownd by a company and used to produce of good services.
  12. Literacy rate
    The portion of the population over 15 that can read or write.
  13. Standard of living
    A level of comfort in everyday life enjoyed by a communty,class, or individal
  14. GDP Per Capita
    The value of goods produced per person in the country, you get it by dividing the countries GDP by total
  15. Total GDP
    GDP stands for Gross Demestic Product, it is the total value of all goods, services, produce,and minerals in a country in a year.
  16. Human capital
    The entire life experience of the individual.
  17. Currency
    Excange that is pesently used.
  18. Free-trade zone
    An area in which goods may be ladedand handled whthout the intervention of constoms. 
  19. Embargo
    When a government order imposing trade barrier.
  20. Tariffs and Quotas
    The most common types of trade barriers.
  21. Trade barrier
    When countries somthimes have try to limit trade whith outher countries
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SS vocab
2012-10-14 22:03:15
ss vocab

SS Vocab
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