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15 Cards in this Set
- Front
- Back
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CAPITALISM
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An economic system in which the means of production and distribution are privately owned, and prices are chiefly determined by open competition in a free market.
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TRADE
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The exchange of goods or service between people.
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COMMAND ECONOMY
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An economic system where the allocation of resources, including determination of what goods and services should be produced, and in what quantiy, is planned by the government.
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QUOTAS
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A limit on the quantity of a product which may be imported.
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MIXED ECONOMY
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An economy based on both private and public(government controlled) enterprises and both make decisions about what to produce.
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DEPRESSION
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Drastic decline in the economy, high rates of unemployment, restriction of credit,price deflation, numerous bankruptcies,reduced amounts of trade and commerce.
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TARIFF
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A tax on imports.
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FREE MARKET
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A system in which market forces of supply and demand determine prices, and allocate available supplies, without government intervention.
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CORPORATIONS
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a business organizationformed by a group of people, stockholders, with government permission. Each stockholder is an employee, so no single individual is liable for the company's debt or failure.
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INTERDEPENDENCE
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The reliance on people in other places for information, resources, goods, and services.
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RECESSION
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A period of reduced economic activity during which the level of unemployment rises, production slows, and general prosperity lags.
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STANDARD OF LIVING
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Degree of prosperity in a nation, measured by income levels, quality of housing and food, medical care, educational opportunities, transportation, communications and other measures.
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MEANS OF PRODUCTION
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The raw materials, lands, and resources that are used in production.
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GROSS DOMESTIC
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The total value of goods and services produced by a nation.
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STOCKHOLDERS
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Persons holding owwnership of part of a company or business venture.
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