Economic System that promotes economic growth by allowing consumers to buy what they want with no government control
What is a Market Economy?
Tariffs are put on goods in a country to promote _____
What is domestic purchases (buying goods in your own country)?
On a continuum chart, Russia can be found closer to this type of economic system
What is a Command economy?
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?
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.
This group in Europe DOES NOT use trade barriers with country members.
What is the European Union?
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.
Investing in capital goods leads to an increase in a countries _____
What is GDP?
A company paying for its workers to go to graduate school is an investment into _____.
What is Human Capital?
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.