After 9/11 the USA banned all trade with sever countries in the Middle East.
What is an embargo?
This type of economy answers the three economic questions based on customs, beliefs, and what they need to survive.
What is a traditional economy?
A spectrum that shows where a country's economy lies on scale from command to market.
What is an economic continuum?
Recently I had a bake sale. There was a line around the block and in 15 minutes my red velvet brownies were completely sold out! I guess you could say they were in ________ _________.
What is high demand?
I a country's standard of living is high, you could expect them to have a high _________ as well.
What is gross domestic product?
The USA placed a limit on the amount of luxury cars Germany could export in order to promote domestic businesses.
What is a quota?
In this type of economy, the government makes all of the economic decisions.
What is a command economy?
The total amount of all goods and services produced in a country in a year.
What is gross domestic product (GDP)?
I went to the store to buy the viral Dubai chocolate bar. When I got there, they only had two left. The store had a low ________.
What is supply?
The original owner of Chick-Fil-A, Truett Cathy, coined the term "chicken sandwich" and has turned his simple idea into a multi-billion dollar business.
What is an entrepreneur?
The USA placed a tax on many of our exported goods to cultivate more money for our government.
What is a tariff?
Consumers and the government work together to answer the three economic questions.
What is a mixed economy?
The USA invests in housing, healthcare, education and training of its workers. We must have a high _______.
What is standard of living?
I ordered a new fall latte from 7 Brew. While I was there, the brewista made my latte and handed it to me all while providing great service! My brewista is a ________.
What is a producer?
A family from a small community in Italy has a chicken farm. They have had this chicken farm in their family line for almost one hundred years now, and it is still thriving. They produce enough eggs for their family and members of their community, which is how they make their living.
What is a traditional economy?
The US currently has a ban on trade with North Korea due to opposing beliefs and values.
What is an embargo?
Consumers answer the economic questions, but challenges such as unfair prices and no regulations set in and often create tension in this type of economy.
What is a market economy?
Human capital, Capital, entrepreneurship and natural resources.
What are the four factors of production?
I recently bought the new Taylor Swift album! She makes a lot of money off of _________ like me.
What is a consumer?
I wanted to come up with a new business to make some extra money. Before I could start, I needed to figure out what to produce, how to produce it, and who to produce it for.
What are the three basic Economic questions?
The UK has recently raised the limit on several goods they import from other countries.
What is a quota?
Consumers have most of the say, but some government input helps regulate the economy and creates healthy competition.
What is a market leaning economy?
France recently invested in new machines and technology for its factories. They are taking a step and investing in __________.
Mrs. Delaney and Ms. Jackson traded a pair of Minnie Mouse ears before Ms. Jackson's trip to Disney. This is an example of _________.
What is bartering?
I was struggling to decide between an iced white chocolate mocha and a pumpkin spice latte. I ended up choosing the pumpkin spice latte, so the iced white chocolate mocha was the ___________.
What is an opportunity Cost?