Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
Traditional |
Customs and traditions determine what and how to produce. Resources are usually shared. Many traditional systems use bartering to exchange goods and services. |
|
|
Command |
Government owns resources and controls production, prices, and wages. Shortages of consumer goods occur because government sets prices low and resources are often used for military goods. |
|
|
Market |
Individual's own resources and determine what and how to produce. Prices and wages are determined by producer supply and consumer demand. |
|
|
Mixed |
Individuals own most resources and determine what and how to produce. Government regulates certain industries. |
|
|
Investment |
Money contributed in order to gain a profit. |
|
|
Productivity |
Using your resources effectively to produce. |
|
|
GDP |
Total value in dollars of all the final goods and services produced in a country. |
|
|
Inflation |
Increase in prices over a period of time. |
|
|
Profit |
Money a business earns after all the expenses are met. |
|
|
Profit Motive |
The driving force that encourages wealth. |
|
|
Tariffs |
Tax on imported goods. |
|
|
Imports |
To bring resources and goods in from another country. |
|
|
Exports |
To sell resources and goods to another country. |
