1. Economics Vocabulary

2. STANDARDS SS7E1 The student will analyze different economic systems.
a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
c. Compare and contrast the economic systems in South Africa and Nigeria.

3. ESSENTIAL QUESITONS
How do different economic systems compare and contrast?
How do traditional, command and market economies answer the question of what to produce, how to produce, and for whom to produce?
What is a mixed economy?
Why do countries have a mixed economy?

4. Natural resources
Raw materials from nature used to produce goods. Can be renewable (has no limit, like the sun’s energy) or non-renewable (limited supply, as in oil).

5. HUMAN CAPITAL
HUMAN RESOURCES USED TO PRODUCE GOODS AND SERVICES examples: manual labor - a worker builds a car mental labor - a worker designs an idea for a car

6. TRADITIONAL THIS SYSTEM REPEATS THE PAST
Uses old-fashioned methods and machinery
to produce and trade goods

7. MARKET
THIS SYSTEM HAS NO GOVERNMENT INTERVENTION ALLOWS OWNERSHIP OF PRIVATE PROPERTY and BUSINESSES

8. COMMAND
THE GOVERNMENT CONTROLS EVERYTHIG IN THIS SYSTEM SOMETIMES RESULTS IN LIMITED SUPPLY OF GOODS CAN SLOW DOWN AN ECONOMY (SLOW GROWTH)

9. MIXED SYSTEMS
HAS ELEMENTS OF COMMAND & MARKET SYSTEMS (COMMON IN EUROPE), ALSO CANADA AND CHINA

10. Currency
Money-coins and bills

11. TARIFF
A TAX ON IMPORTED GOODS

12. What, how, and for whom to produce?
3 economic
questions
What, how, and for whom to produce?

13. A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS
ENTREPRENUER
A PERSON WHO STARTS UP A COMPANY, TAKES THE RISKS

14. LIMITS ON THE QUANITY THAT CAN BE IMPORTED
QUOTA
LIMITS ON THE QUANITY THAT CAN BE IMPORTED

15. GOODS LEAVING,OR EXITING A COUNTRY
EXPORTS
GOODS LEAVING,OR EXITING A COUNTRY

16. TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR
GDP
TOTAL VALUE OF ALL GOODS AND SERVICES PRODUCED IN A COUNTRY IN A YEAR

17. NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP
4 FACTORS OF ECONOMIC GROWTH
NATURAL RESOURCES, CAPITAL GOODS, HUMAN CAPITAL, AND ENTREPRENEURSHIP

18. GOODS COMING INTO A COUNTRY
IMPORTS

19. THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER
TRADE BARRIES
THINGS THAT GET IN THE OF TWO NATIONS TRADING WITH EACH OTHER

20. BLOCKING GOODS FROM ENTERING A COUNTRY
EMBARGO
BLOCKING GOODS FROM ENTERING A COUNTRY

21. GDP DIVIDED BY THE COUNTRY’S POPULATION
PER CAPITAL GDP
GDP DIVIDED BY THE COUNTRY’S POPULATION

22. THE END