Different Types of Economies

What is bartering?

• skill, knowledge and education of workers

• factories, machines, and technology

• one's own country

• Trading without using money

What are Capital Good?

• factories, machines, and technology

• Trading without using money

• An economy that is between command and market

• Raw materials from Earth

What is a command economy?

• A pecentage of increase from one year to the next

• All economic decisions are made by the government

• level of wealth and material comfort a country has

• raw material from the earth

What is Domestic?

• An economy that is between command and market

• trading without using money

• One's own country

• raw material from earth

What are economics?

• raw materials from the earth

• factories, machine, and technology

• The study of how decisions are made about how to distribute resources in order to satisfy our unlimited wants

• voluntary exchange of goods and services among people and countries

What is an Entrepreneur?

• someone who has an idea for a good service and takes the risk of and takes the risk to produce it

• development of an increasingly worldwide economy

• level of weath and material comfort a country has

• raw materials from the earth

What is Globalization?

• factories, machines, and technology

• skills, knowledge, and education of others

• raw materials from the earth

• development of an increasingly worldwide economy

What is Gross Domestic Product (GDP)?

• the percentege of increase for one year to the next

• one's own country

• measures a nation's economic performance; total value of goods and services produced in a country for 1 year

• trading without using money

What is GDP growth rate?

• the percentege of increase for one year to the next

• all economic decisions are made by the government

• a situation where unlimited demand but not enough supply for a good or service

• one's own country

What is a Human Capital?

• all economic decisions ae made by the government

• Skills, knowledge, and education of workers

• raw materials from the earth

• trading without using money