Economic Systems
Trade Barriers
100

Economic System that promotes economic growth by allowing consumers to buy what they want with no government control

What is a Market Economy? 

100

Tariffs are put on goods in a country to promote _____

What is domestic purchases (buying goods in your own country)?

200

On a continuum chart, Russia can be found closer to this type of economic system

What is a Command economy?

200

If someone from a European Country wanted to buy goods from a producer that lives in a European Union they would have to have _____ _______ in order to pay for their goods

What is currency exchange?

300

Describe specialization

What is the ability to produce goods efficiently (with ease, due to resources the country provides) they can make it cheaper than other countries. 

300

This group in Europe DOES NOT use trade barriers with country members.

What is the European Union?

400

Define literacy rate and why it is important for a country to have a high percentage.

The ability to read and write effectively. This allows people to do their jobs well because they have some level of education. 

400

Investing in capital goods leads to an increase in a countries _____

What is GDP?

500

A company paying for its workers to go to graduate school is an investment into _____.

What is Human Capital?

500

Provide an example of entrepreneurship

Someone learning how to do something and teaching it to others for a fee. 

Starting a business

Designing something and selling it to consumers. 

M
e
n
u