4 Factors of Economic Growth
Goods that are used to produce other goods (ex. factories, tools, etc.).
Capital Goods
In what kind of economy does the government answer the three economic questions?
Command Economy
The least restrictive form of a trade barrier.
Tariffs
What is the currency of the European Union?
Euro
What might be a reason to specialize in producing a certain good or service?
There is an abundance of a particular resource (ex. Saudi Arabia is a leading oil producer)
Taking a risk to start a business.
Entrepreneurship
In what kind of economy are the three economic questions answered by tradition, and bartering is the main form of trade?
Traditional Economy
A limit on quantity of imported goods.
Quota
What is the intended purpose of the European Union?
Possible answers:
To promote trade between member countries.
To promote peace and cooperation between member countries.
(Other answers might be acceptable)
What type of goods are typically bartered with in a traditional economy?
Agricultural goods
The knowledge, skills, training, and healthcare that workers need to do their jobs.
Human Capital
In what kind of economy are the three economic questions answered by buyers and sellers (supply and demand)?
Market Economy
A complete stoppage of trade with another country.
Embargo
How many member countries are in the European Union"?
27
Why is a system of currency exchange necessary?
You have to know the value of a countries currency in order to effectively trade. (1 US dollar does not the same value as 1 Euro)
Any resource that occurs in nature (ex. oil, coal, water)
Natural Resources
Because no country has a pure command or pure market economy, we say that they have ...?
Mixed Economy
With tariffs, who pays the extra tax, the consumer or the seller (importer or exporter)?
The consumer
This country became the first to leave the EU after being a member.
The United Kingdom
What is GDP (Gross Domestic Product)?
The sum of all goods and services produced in a country in a given year.
How does a country's literacy rate effect its standard of living?
The higher literacy rate a country has, the higher it's standard of living tends to be?
Germany has an economic freedom score of 71.6 on the economic continuum. What kind of economy does this mean it has?
Mixed Market Economy
What country has the United States had a decades long running embargo with.
Cuba
Do all countries in Europe use the Euro as their currency?
No. (Many countries, including the United Kingdom, use different currencies)
How is GDP per capita calculated?
GDP divided by population