Trade barriers
What is a tariff?
Tariff is a tax placed on imported goods.
When the government has full control over the economy it is a...
Pure command economy
What is the first economic question?
What to produce?
Currency exchange was put in place so that...
Currency used in foreign areas can be exchanged for the currency used in that area. (example 1 USD = approximately 20 Pecos)
Out of Israel, turkey, and Saudi Arabia which country is the most free?
Israel
When a country bans something, what is it called?
Embargo
If the private citizens have all the say and control over what they do, what is this economy called?
Pure market economy
What is the second economic question?
How to produce it?
If currency exchange wasn't put in place we wouldn't be able to...
use your currency in foreign areas that use a different currency
Out of Israel, Saudi Arabia, and turkey which country is a command leaning economy?
Saudi arabia
A quota is when a country...
Places a certain amount of how many imported goods can be imported.
When a market economy and a command economy is mixed up, what is the economy then called?
Mixed economy
What is the final economic question?
Who to produce it for
What does an economic continuum show?
The percentage of how much a country's economy is command and market
When Saudi Arabia and Turkey are compared, why is turkey more of a market economy than Saudi Arabia
Turkey is much more diversified than Saudi Arabia so it has more job opportunities.
There are three of these that change trading between countries. These three things involve tariff, quota, and embargo
Trade barriers
What economy is decided by ancestors and beliefs?
traditional economy
Who answers the three questions in economics in a command leaning mixed economy?
The government
When a country only works on one thing, or a small variety of things since they have a lot of this is called...
Specialization
What are the three trade barriers?
Tariff, Quota, and embargo
If a country decides that they aren't making enough money because of imported goods, but they still want to have imported goods, what trade barrier should they use to make more money?
A tariff
How many pure government or pure market economies are around the world?
Zero
Who answers the three economic questions in a market leaning mixed economy?
Private citizens
Specialization and currency works together because...
Countries that specialize need to trade for things that they need, so without currency exchange they wouldn't be able to get what they need from foreign countries.
Who is the best teacher in DCMS?
Obviously Mrs. Witworth!