Econ and Gov Basics

Front

The way which a Nation uses its resources to satisfy the people's needs and wants. (Examples: Traditional, Pure Market, Command, Mixed)

Back

Economic Systems

Front

This is an economic system based on individual choices and voluntary trade. Little government interference, producers and consumers have total economic freedom.

Back

Pure Market Economy

Front

 This is an economic system where the government controls everything)

Back

Command Economy

Front

This economic system has features of command, and market systems/ when elements of more than one of the economies are shared. Most economies in the world are mixed economies.

Back

Mixed Economy

Front

A measure of the quality of life in a specific place.

Back

Standard of Living

Front

The percentage of a population that can read and write

Back

Literacy Rate

Front

Resources needed to produce goods and services

Back

Factors of Production

Front

Technology that people use to make other goods. (Assembly equipment, machinery, factories, etc)

Back

Capital Goods

Front

the knowledge and skills that allow workers to produce goods and services. 

Back

Human Capital

Front

A person trains for and learns one job for salary rather than trying to produce all the things that he or she needs.

Back

Specialization