Types of Economies
In this economy, customs and traditions determine what to produce, how to produce, and for whom to produce.
What is a traditional economy?
This question asks which goods or services a country should create based on available resources.
What is what to produce?
This European country has a mixed economy with a stronger focus on government regulation and social welfare.
What is Germany?
This is the practice of focusing on the production of certain goods or services that a country can produce efficiently.
What is specialization?
This is a tax placed on imported goods to make domestic products more competitive
What is a tariff?
In this economy, the government makes all the decisions about what to produce, how to produce, and for whom to produce.
What is a command economy?
This question asks which methods or technology a country should use to make goods.
What is how to produce?
This European country has an economy closer to a pure market system than Russia but still with government involvement.
What is the United Kingdom?
Specialization benefits countries by allowing them to do this with goods and services they need.
What is trade?
This trade barrier limits the number of a certain product that can be imported
What is a quota?
In this type of economy, decisions are based on supply and demand with minimal government intervention.
What is a market economy?
This question asks which group of people or part of society should receive the goods and services produced.
What is for whom to produce?
This European country has more government control over its economy than Germany or the UK, especially in key industries.
What is Russia?
Specialization encourages countries to import goods that they cannot produce efficiently. This is an example of the benefits of ___.
What is voluntary trade?
This trade barrier completely stops trade with another country, usually for political reasons.
What is an embargo?
Most countries in the world, including those in Europe, use this type of economy, which has elements of both command and market systems.
What is a mixed economy?
In a traditional economy, these factors largely influence what is produced.
What are customs and traditions?
The economies of the UK, Germany, and Russia all fall within this economic system.
What is a mixed economy?
Specialization can lead to this kind of economic interdependence between countries.
What is mutual dependence or global interdependence?
This organization promotes free trade and economic cooperation among European nations.
What is the European Union?
This term describes the economic continuum from pure command to pure market, where economies can be placed based on the degree of government control.
What is a continuum?
In a market economy, this group decides how resources are used based on their purchasing decisions.
Who are consumers?
In the continuum of economic systems, Russia is closer to this type of economy than the UK.
What is a command economy?
This currency exchange system allows countries to trade despite using different forms of money.
What is an exchange rate?
The purpose of the European Union includes this kind of economic relationship between member countries, allowing for easier trade.
What is economic integration or common market?