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Economics Vocabulary

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by

Andrea Trudeau

on 11 December 2014

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Transcript of Economics Vocabulary

Command Economy
Traditional Economy
Items that can be bought and sold
An economy that is a mixture of market and command economies

In other words, a mixture of both private (individually owned)and public (government-owned) enterprise.
A historical economic system in which traditions,
customs, and beliefs shape the goods and products the society creates
an economy where the government controls what is produced
an economy based on supply and demand
Market Economy
Economics
the branch of knowledge concerned with production, consumption, and trade of wealth
Economics Vocabulary
Businesses and factories are owned by individuals. (This is also known as the private sector.)
Supply--Goods are produced.

Demand--People want them.
Financial analysts regard a free
market economy as the MOST
efficient way to distribute a world's
resources.
Where to find a market economy:

United States
United Kingdom
India
Brazil
This economy is typical of
communist countries.
Where to find a command economy:

Cuba
Iran
North Korea
Libya
The people provide for themselves.
Nothing ever changes.
This economy is often found in
rural, farm-based areas.

Where to find a traditional economy:
parts of the Middle East
parts of Asia
parts of Africa


A Quick Review of the Three Types of Economy
(market, command, and traditional)
Do you think you understand the differences now?
(Remember to think about our simulation from class, too.)
But what if we mix it up a bit?
Mixed Economy
Where to find a mixed economy:

United States
Canada
Japan
Hey, wait a minute...

Didn't you say that the United States was a market economy? Now you're saying it's mixed. I'm confused.
The definition of mixed economy remains somewhat subjective. The United States has been referred to as mixed economy as all economies are, to some extent or another, mixed. Pure capitalism and pure communism have never and most likely will never exist. The world's developed nations are the most common examples of mixed economies.
Goods
Services
various kinds of activities that
people need to have done and
usually pay for
TV repair
teeth cleaning
pedicure
haircut
Natural Resources
resources found in nature such as soil, minerals, trees, and water
Labor Resources
skills and time provided by people
Capital Resources
resources made by humans, such as buildings, tools, machinery, and the money that goes into creating the business
Supply
any amount a store
produces of something--
donuts, books, jeans
Demand
WHAT the people want
WHEN they want it
the AMOUNT they want
Entrepreneurship
the process people go through to decide, organize, and maintain a kind of business or service to establish
Note: This usually involves a
great deal of creativity and risk.
Trade Deficit
when a country has
more imports than exports
Tariffs
taxes on imports and exports
Free Trade
a lack of trade barriers between participating nations
barriers typically include tariffs
Globalization
"the process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade"
What?!? Why Are We Studying Economics in 7th Grade?
to learn about how the world works
to understand the impact of decisions made
to be prepared for life outside of school (It will be here before you know it!)
Let's get started...
As you can tell, there is quite a bit that goes into
our economy. It takes creativity, risk, and hard work.
Money certainly doesn't grow on trees or
appear due to magic...
...unless you're David Blaine ( a street magician), of course!
Full transcript