Ye Grand Olde Economics Review

Measures of Economic Success

100

This term refers to the percentage of people who are over age 16, do not have a job, and are currently looking for one.

unemployment rate (accept unemployment/unemployed)

200

This term refers to the percentage of people in a country that can read or write in a country.

Literacy Rate (accept literacy)

300

This term represents the total value of all goods and services that are produced in a country, usually within one year.

Gross Domestic Product (GDP)

400

This term means "per person" and is used alongside measures of a country's economic success to show how well each person is living.

per capita (accept GDP per capita)

500

This term refers to the average overall quality of life and income level that is experienced by people in a country. It can include both material and non-material factors.

Standard of Living

International Trade

100

Goods or services purchased from another country

Imports

200

Goods or services sold to another country

Exports

300

This describes completely stopping trade with another country (for example: the USA does not trade at all with North Korea)

Embargo

400

This is a tax placed on goods that are purchased from other countries

Tariff

500

This is a limit on the quantity (amount) of a certain good that can be purchased from other countries

Quota

Factors of Production

100

The fuel that is used to run and engine is an example of this factor of production

Natural Resource/Land

200

A pilot who flies for Delta, and the time that she spends flying, is an example of this factor of production.

Labor

300

The garbage truck that is used to pick up the trash from my house is an example of this factor of production.

Physical Captial

400

A person needs to graduate from medical school before becoming a doctor. Medical school is this factor of production.

Human Capital

500

Elon Musk decided to start SpaceX as a private spacefaring company. He represents this factor of production.

Entrepreneurship

Economic Systems

100

Which type of economic system uses Supply and Demand to determine prices?

Market Economy

200

In this type of economy citizens and businesses own their own companies, decide what to produce, and how to produce it.

Market Economy

300

The government controlling several industries is an example of this type of economy.

Command Economy

400

All countries in the world actually use this type of economic system, which blends government control and private control of the economy.

Mixed Economy

500

The government placing taxes on goods that are sold or produced is example of using this type of economic system.

Command Economy

Comparing the UK, Germany, and Russia

100

This country is the closest to a market economy in Europe.

United Kingdom

200

This country specializes in automobile (car) production and exports those vehicles around the world.

Germany

300

This country specializes in drilling for oil and natural gas.

Russia

400

This country specializes in banking and finances and has one of the world's biggest stock markets.

The United Kingdom

500

This country has the highest GDP in Europe (ranked at 4th in the world).

Germany