is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based.
Ex. South America
a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
Ex. United Kingdom
an economy in which production, investment, prices, and incomes are determined centrally by a government.
- Ex. Cuba
Ex. South America
Ex. The Organization of Petroleum Exporting Countries sets a production quota for crude oil in order to "maintain" the price of crude oil in world markets.
Trade barriers are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services. Not everything that prevents or restricts trade can be characterised as a trade barrier.
- ex. Europe
Ex. automobiles, patents, software and brand names.
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
- Ex. knowing how to operate a proprietary machine that is owned
goods that are used in producing other goods, rather than being bought by consumers.
- such as machinery for production of dump trucks.
Factors of production
hammers, forklifts, conveyer belts, computers, and delivery vans.
gross domestic product
the total value of goods produced and services provided in a country during one year.
- the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time.
standard of living
the degree of wealth and material comfort available to a person or community.
- countries with a very small, very rich upper class and a very large, very ... Industrial Revolution
Adult literacy rates are below 50% in Benin, Burkina Faso, Chad, Ethiopia, Guinea, ... have, for example, significantly increased their budget allocation to literacy.
Medium of exchange
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.
- Let's take a look at some examples to illustrate the concept and function of money as a medium of exchange.
an economic system combining private and public enterprise.
- Good examples of countries with mixed economy include Iceland, Sweden, France, the United Kingdom, the United States, Russia, China
items you buy