Vocabulary
The total value of all goods and services produced in a year
What is GDP?
Resources that come from nature
What is a natural resource?
Limit on trade
What is a quota?
This type of economy is most likely to have competition between businesses
What is a market economy?
GDP divided by the number of people in the population
What is GDP per capita?
When workers focus on a single task/product each worker will become more efficient and product
What is specialization?
Factories, machinery and technology
Ban on Trade
What is an embargo?
This type of economy is most likely found in Communist governments and has total government control?
What is a command economy?
A measurement of 0-100 of freedom from the government in the economy
What is an economic continuum?
Only producing what you need for survival
What is subsistence?
What is human capital?
A tax placed on trade
What is a Tariff?
What is a traditional economy?
What you give up when a choice is made
What is opportunity cost?
Withdrawal from the European Union
A person who organizes their skills to start a business
What is an entrepreneur?
One reason for the European Union
What is making trade easier?
This type of economy would be in Russia
What is command leaning?
Limited supply of goods or services
The three economic questions all economies must answer.
Materials and labor used to create goods and services
What is four productive resources?
What is opportunity cost?
This type of economy would be found in Germany and the United Kingdom
What is market leaning?
How much one currency is worth when compared to another
What is the exchange rate?