"Social Study Vocabulary Words"

Market Economy

  1. A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. China is a market economy.

Command Economy

  1. A command economy is when government makes decisions, or a planned economy, is an economic system where the main economic decisions (such as allocating scarce resources like labor, capital, soil and natural resources) are taken by a central body; which is usually the government. In a command economy the government make all the choices.

Traditional Economy

  1. A traditional economy 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. A traditional economy relies on hunting,fishing, and agriculture.

market

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers

barter

Barter is a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.[1] It is distinguishable from gift economies in many ways; one of them is that thereciprocal exchange is immediate and not delayed in time. It is usually bilateral, but may be multilateral (i.e., mediated through barter organizations) and usually exists parallel to monetary systems in most developed countries, though to a very limited extent

embargo

  1. An embargo (from the Spanish "embargo", meaning hindrance, obstruction, etc. in a general sense, tranding ban in trade terminology and literally "distraint" in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country or a group of countries.

tariff

  1. A tariff is a tax on imports or exports (an international trade tariff), or a list of prices for such things as rail service, bus routes, and electrical usage (electrical tariff, etc.)

quota

a limited or fixed number or amount of people or things, in particular:

synonyms:allocation, share, allowance, limit, ration, portion, apportionment,assignment, dispensation, slice, slice of the cake; More

trade barrier

  1. A barrier to trade is a government-imposed restraint on the flow of international goods or services. The most common barrier to trade is atariff—a tax on imports. Tariffs raise the price of imported goods relative to domestic goods (goods produced at home).

capital

he financial institutions collectively that deal with medium-term andlong-term capital and loans Compare money market

human capital

(economics) the abilities and skills of any individual, esp thoseacquired through investment in education and training, that enhancepotential income earning

capital goods

machines and tools used in the production of other goods (contrastedwith consumer goods ).

factor of production

any instrument, agent, etc., employed in the production of goods andservices.

gross domestic production

gross national product excluding payments on foreign investments.

Abbreviation: GDP.

standard of living

a grade or level of subsistence and comfort in everyday life enjoyed bya community, class, or individual:

literacy rate

Literacy is traditionally understood as the ability to read and write.[1] The term's meaning has been expanded to include the ability to use language, numbers, images and other means to understand and use the dominant symbol systems of a culture.[2] The concept of literacy is expanding in OECD countries to include skills to access knowledge through technology and ability to assess complex contexts.[2]

medium of exchange

  1. A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.

mixed economy

A mixed economy is an economic system variously defined as containing a mixture of markets and economic planning, in which both the private sector and state direct the economy; or as a mixture of public ownership and private ownership; or as a mixture of free markets with economic interventionism.[1] Most mixed economies can be described as market economies with strong regulatory oversight and governmental provision of public goods. Some mixed economies also feature a variety of state-run enterprises.

Goods

  • Profit or Advantage

Services

  • The supplying or supplier of utilities or commodities, as water,electricity, or gas, required or demanded by the public