Economy Vocab

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Traditional Economy: An economic system guided by customs and traditions.

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An economic system where customs and traditions guide production and distribution.

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Command Economy involves:

Back

Government making all economic decisions.

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Market Economy: An economic system where production, distribution, and consumption decisions are based on supply and demand interactions, with minimal government intervention.

Back

An economic system where production, distribution, and consumption decisions are based on supply and demand interactions, with minimal government intervention.

Front

Mixed Economy:

Back

Combines elements of market and command economies.

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Specialization in economics:

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Focusing on producing a limited range of goods for efficiency.

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Tariffs?

Back

Taxes on imported goods.

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Purpose of Quotas?

Back

Set limits on the quantity of goods that can be imported or exported.

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Gross Domestic Product (GDP) measures:

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Total value of all goods and services produced within a country.

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What is 'Human Capital'?

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Knowledge, skills, and abilities that enhance productivity and economic value.

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Standard of Living?

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Level of material comfort, goods, and services available to a population, measured by income, healthcare access, education, and housing.