Vocab.
Economies
Countries
Trade barriers
Misc.
100
Specialization
What is a a country, or people produce a narrower range of goods and services than they consume.
100
An economy where businesses can operate without any laws from the government.
What is market economy.
100
The US used to have this economy.
What is free market economy.
100
Countries that don't wish to trade with each other have this.
What is an embargo.
100
What impacts GPD?
What is human capital, capital goods, natural resources, and entrepreneurship.
200
Natural Resources
What is natural materials made outside.
200
The 3 questions every economic system must answer are _________.
What is how, what, and for whom to produce.
200
This country has a mixed economy, leaning closer to the market economy.
What is Germany.
200
This is a special tax on goods from other countries.
What is tariff.
200
What are two things employers invest in when it comes to human capital?
What is education/training, and healthcare of employees.
300
Entrepreneur
What is one who risks his own money, energy, time, and ideas to start and run a business.
300
An economy that has a blend of 2 or more economic systems.
What is mixed economy.
300
This country has a command economy.
What is Cuba.
300
The 5 types of trade barriers are...
What is quota,embargo,tariff,product standard, and export subsidy.
300
What type of economic system did Russia and east germany have years ago?
What is command economy.
400
Capital goods
What is machines, tools, and factories used to produce goods.
400
Government's completely control this economy.
What is command economy.
400
This country has a free market economy.
What is UK.
400
This limits the amount of how much of a product, that can be imported from another country.
What is quota.
400
How does human capital influence a country's GPD positively?
Performance ^ = Profit ^ = GPD ^
500
GPD
What is the total amount of goods and services produced in a country.
500
This is used by Indians and past on through generations.
What is traditional economy.
500
27 countries are in this organization.
What is the EU.
500
The Us has an _______ on Cuba
What is embargo.
500
Which nation experienced reunification and had to unify @ different economic systems?
What is Germany
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