Study
Placing or imposing a cost on trade that raises the price of the traded products is an example of???
Trade Barrier
Which term best fits the defintion?
the people with new ideas for products and services. A person who takes the risk necessary to start a new business (Ideas and Organization)
entrepreneurship
A_____________is intended to protect the manufacturer or farmer from lower priced goods imported into the country.
tarriff
Countries chose to ___________ because no country can produce everything its people need and want.
specialize
A country with LOW _________ typically has a low standard of living.
literacy rates
What term best fits the definition?
The total dollar value of goods and services produced in a country in one year; the standard measure of a country's economic growth
Gross Domestic Product
What is an example of an investment in capital goods by a country?
company buying new equipment
The main goals of the __________ are to protect the environment, maintain peace in Europe and create a single currency for everyone to use.
European Union
European countries have a problem with ________________ starting businesses because the people are afraid to take the risk.
entrepreneurs
The number limit on how many items of a particular product can be imported from a particular country is the__________.
quota
When a map shows almost all of Europe having a 90-100% ____________, you can conclude that the people in Europe have a much higher economic status, much better health, and much better employment prospects than people on a nearby continent.
literacy rate
People to exchange ________ so they can buy, sell, and trade goods and services with other countries.
currency
Finish the sentence..... (same word!!!)
A big part of the relationship between entrepreneurs and the _______ in Europe is that entrepreneurs create jobs which improves the ______.
GDP
It is important for a country to invest in _______________ because a country's economy is more successful when workers have good education and healthcare.
human capital
___________ is the trading of one country’s currency to the currency of another country.
Currency exchange
Which word best fits the definition below?
talent and skill of people (Humans who do the job - labor
Human Capital
Countries with high literacy rates typically have high _________ AND high ________.
literacy rates and GDPs
Increased education and training within a country will most likely result in an increase in _________________.
Gross Domestic Product
A computer programmer, auto mechanic, international banker, and architect are ALL of the above jobs are examples of ___________.
Human Capital
The _______________ exists to promote security and economic cooperation across the continent. The idea is that countries who depend on each other are less likely to go to war against one another. A common currency has resulted from this organization in hopes to promote free movement of labor and trade.
European Union
A _______is a form of taxation on foreign products, while a ______ is a limit on imports from foreign countries.
tarriff, quota
Gross Domestic Product is a more accurate measure of a nation’s economic strength because it factors in ___________.
human capital
A nation often chooses to focus on a narrow range of products that it is capable of producing the fastest, cheapest, and in greatest abundance. This practice is called _________.
specialization
Which term best fits the definition?
the act of combining natural resources, capital goods, human capital, and entrepreneurship to make goods and services
Production
_________ are trade barriers that place taxes on imported goods and raise the price of a cheaper, foreign product to make local products cheaper.
Tarriffs