Measures of Economic Success
This term refers to the percentage of people who are over age 16, do not have a job, and are currently looking for one.
unemployment rate (accept unemployment/unemployed)
Goods or services purchased from another country
Imports
The fuel that is used to run and engine is an example of this factor of production
Natural Resource/Land
Which type of economic system uses Supply and Demand to determine prices?
Market Economy
United Kingdom
This term refers to the percentage of people in a country that can read or write in a country.
Goods or services sold to another country
Labor
In this type of economy citizens and businesses own their own companies, decide what to produce, and how to produce it.
Market Economy
This country specializes in automobile (car) production and exports those vehicles around the world.
Germany
This term represents the total value of all goods and services that are produced in a country, usually within one year.
Gross Domestic Product (GDP)
This describes completely stopping trade with another country (for example: the USA does not trade at all with North Korea)
Embargo
Physical Captial
The government controlling several industries is an example of this type of economy.
Command Economy
This country specializes in drilling for oil and natural gas.
Russia
This term means "per person" and is used alongside measures of a country's economic success to show how well each person is living.
This is a tax placed on goods that are purchased from other countries
Tariff
A person needs to graduate from medical school before becoming a doctor. Medical school is this factor of production.
Human Capital
All countries in the world actually use this type of economic system, which blends government control and private control of the economy.
Mixed Economy
This country specializes in banking and finances and has one of the world's biggest stock markets.
The United Kingdom
This term refers to the average overall quality of life and income level that is experienced by people in a country. It can include both material and non-material factors.
Standard of Living
This is a limit on the quantity (amount) of a certain good that can be purchased from other countries
Quota
Elon Musk decided to start SpaceX as a private spacefaring company. He represents this factor of production.
Entrepreneurship
Command Economy
This country has the highest GDP in Europe (ranked at 4th in the world).
Germany