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Economic Systems
Do you known them all
14
Economics
6th Grade
10/20/2009

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Term
Traditional Economy
Definition
Customs and traditions determine what and how to produce.
Term
Command Economy 
Definition
An economy that is planned and controll by a central administration, as in the former Soviet Union
Term
Market Economy
Definition
An economy that operates by voluntery exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy
Term
Mixed Economy
Definition
An economic system that allows for the simultanerus operation of public and privately owned enterprises
Term
Demand
Definition
The need or want for more supply
Term
Supply
Definition
The product of what the people demand for
Term
Tariff
Definition
Tax added to the value of goods that are imported
Term
Quota
Definition
Number limit on how many items of a particular product can be imprted from a particular contry
Term
Embargo
Definition
Order that restricts or prohbits trade with another country
Term
Currency
Definition
System of money
Term
Enterpreneuship
Definition
A person who organizes, operates, and assumes the risk for a business venture
Term
Human Capital
Definition
The knowledge and skiills which and employee acquires on the job, through traning and experience so as to increase the employee's value in the Market economy
Term
Capital Goods
Definition
Any goods, such as machinery, used by and organization to produce other goods 
Term
Gross Domestic Product
Definition
The total market value of all the goods and services produced within the borders of a nation during a specified period
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