Trade Barriers
Tax on Imports
Tariff
What are the 3 economic questions that every country must ask?
What are we going to make?
How are we going to make it?
For who are we going to make it?
Man-made materials used to produce goods and services
Capital goods
What happens when you invest in capital goods?
Increase in nation's economy and GDP, and increase in standard of living.
Limit on the amount of imports allowed in a country
Quota
In what economic system does the govt answer all the questions?
Command
type of capital that includes the skills, knowledge, and experience of possessed by a person or a population
human capital
What happens when you invest in human capital?
Increase in country's GDP and standard of living
Ban on trade
Embargo
In what economic system, does traditions and customs determine the answers to the 3 economic questions?
traditional
total value of all the goods and services produced by a country in one year
Gross Domestic Product or GDP
Literacy rate
% of people over the age of 14 that can read and write
What trade barrier did the United States use against Iraq after it invaded Kuwait?
embargo
In what economic system, does supply and demand and individual citizens answer the economic questions?
market
What does Per Capita mean
Per Person
Entrepreneur
A person who takes risks by starting their own business
What trade barrier does Donald Trump want to put in place against China?
Tariff
What type of economic systems are most democratic countries?
Mixed
What are natural resources?
Resources that come from the land
Which SW Asian country that we have studied has the most diversified economy?
Israel