Economic Systems and Trade Vocabulary

Front

Which economic system relies on traditions and customs to answer the 3 economic questions?

Back

Traditional economy

Front

Which economic system relies on supply and demand to answer the 3 economic questions?

Back

Market economy

Front

Which economic system relies on the government to answer the 3 economic questions?

Back

Command economy

Front

What does GDP stand for?

Back

Gross Domestic Product

Front

What does human capital refer to?

Back

The value of a person's skills and education

Front

What are capital goods?

Back

Goods that are used to make other goods

Front

What are natural resources?

Back

The gifts of the earth

Front

What is entrepreneurship?

Back

A person who takes a risk with their time and money to start a new business

Front

What does literacy rate measure?

Back

How many people over the age of 15 that can read and write

Front

What does standard of living refer to?

Back

The level of income, comforts, and services available