European Union
Trade Barriers/ Specialization
Governments/Economic Systems
European Economies
Factors of Economic Growth
100
What is the EU's common currency that most member countries use?
Euro
100
What is a example of a physical trade barrier?
Mountain, frozen lake or river, etc.
100
What is an Autocratic government?
A system where one leader holds all the power.
100
What is the title of the UK's Chief Executive?
Prime Minister
100
What is an Entrepreneur?
A person who takes risks to start a business.
200
What is one of the benefits of joining the European Union?*
1: No tariffs among member countries
2: Citizens can move freely to another country
3: Citizens can live and work in any other EU nation
4: People can vote even if they aren't citizens of that country
*You have to have at least one of these listed above
200
What is a tariff and a quota?
A tariff is a tax placed on imported goods. A quota is the limit on the amount of goods a country offers.
200
What is a Democratic government, and what are the two types of Democratic governments?
A system where the power comes from people; Presidential and Parliamentary Democracy.
200
What does it mean to be Bicameral?
Have 2 houses in the Legislature.
200
Give the definition of Capital Goods and Human Capital.
Human Capital - Skills and services that people invest to contribute to the workforce
Capital Goods- a tool or equipment used to produce other goods.
300
What are the 3 benefits that the EU believes that they involve in to become a more powerful force in the world when the countries work together?
More money, more people, and more land areas.
300
What is an Embargo, and give an example of it.*
An embargo is a complete ban on trade with a specific nation(s). One example is USA placing embargo on Cuba in 1958 because they were building weapons.
*More than one example
300
What are the 3 types of economic systems, and who decides what to make, how to make, and for who to make in each system?
Command- Government
Market- Businesses
Traditional- People follow the tradition of their ancestors
300
What are the 3 houses in the UK, Germany, and Russia that citizens get to vote for.
House of Commons- UK
Bundestag- Germany
State Duma- Russia
300
Give one example for Natural Resources, Capital Goods, and Human Capital. Answers may vary.
N. R.- anything that is in nature on Earth
H.C.- skills or services humans use to help workforce
C.G.- tool or equipment used to produce goods
400
What is the main purpose of the European Union?
For its members to work together for advantages that would be out of their reach if they were working alone.
400
Why do countries use tariffs?
Usually used to protect country's own business from foreign competition; encourages a country's consumer to buy items produces domestically because it makes imported goods more expensive.
400
How does the Parliamentary and Presidential democracy work?
400
Who is the Chief Executive and Head of State in Russia? Also, who which is the head of government?
Chief Exec. - Prime Minister
Head of State - President
Head of government is President.
400
What are the Factors of Production?
Land, capital, labor, and entrepreneurship.
500
What is Brexit, and why do the citizens of the UK want it?
Brexit was when the UK citizens voted to leave the EU. They wanted the country to be less influenced by other members and to have their own laws rather than following the EU's (multiple reasons).
500
Why do countries specialize, and what is the the effect of trading goods in the global market?
Countries specialize because they don't have certain goods and services, and trade their own goods for the goods and services they don't have in the global market, resulting in people having access to a wider variety of things.
500
What are the names of the leader that is elected by the Legislative Branch and the leader that is freely elected by citizens. Also, list the government that the person is found in.
Prime Minister- Parliamentary democracy, voted by Legislative Branch
President- Presidential democracy, voted directly by the citizens
500
List the countries in order of citizens having most economic power (market) to government controls most of economy (command). In addition, list the type of government each country has.
UK, Germany, Russia
UK and Germany- Parliamentary
Russia- Presidential
500
What is GDP, and how can a country increase their GDP besides increasing literacy?
GDP is the total dollar value of the goods and services produced in one year. A country can increase their Gross Domestic Product by increasing trade and investing on more capital goods.