Types of Economy
In this economy, production is focused on basic needs such as food, clothing, shelter, tools needed for survival.
What is a Traditional Economy?
Country NER will allow up to 500,000 carats on all diamond imports per 3 month period to boost their diamond economy. This is an example of this kind of trade barrier.
What is a quota?
These are the three main economic questions.
What to produce?
How to produce?
For whom to produce?
This is a person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit.
What is an entrepreneur?
This term is a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want.
What is a natural resource?
What is Atlanta?
In this type of economy the government answers the questions of what to produce, how to produce, and for whom to produce.
What is a Command Economy?
Country HI has a more difficult time getting supplies, food, and materials due to the cost of air cargo transportation to cross over 2,400 miles of ocean. This is an example of this kind of trade barrier.
What is a physical barrier?
These are the four primary factors of production.
What are...
Capital Goods?
Human Capital?
Natural Resources?
Entrepreneurship?
This term means the talents, skills and labor of people that can be used to produce goods and services
What is human capital?
There are three things we discussed that are investments in human capital, name 1.
What is...
Free public education?
College and university system?
Professional training programs?
Nashville is the capital of this state.
What is Tennessee?
This kind of economy answers some questions by supply and demand.
What is a Market Economy?
Country LUX placed a 50% added fee to the import of chocolates from Country BEL. This is an example of this kind of trade barrier.
True or False: An entrepreneur takes on little risk in starting a new business.
This term means total market value of the goods and services produced in a specific year divided by the population
What is GDP per capita?
or
What is Gross Domestic Product per capita?
This is the act of starting a new business, in which a person puts together the human capital, capital goods, and natural resources necessary for bringing the ideas to life.
What is entrepreneurship?
This place is the capital of the United States of America.
What is Washington D.C.?
Germany, Russia, and the United Kingdom are all examples of what this kind of economy.
What is a Mixed Economy?
Ms. Newkirk's homeroom did not allow any students to be transferred into the class from any of the other homerooms. This is an example of this kind of trade barrier.
What is an embargo?
True or False: Investing in human capital such as free public education can impact a country's GDP.
This term is any regulation or policy that restrict international trade, especially tariffs, quotas, or embargoes
What is trade barrier?
Investment in these can greatly impact a nation’s Gross Domestic Product (GDP) as older, less efficient factories and products are going slow down production causing less to be produced.
What are capital goods?
Who is King Charles (III)?
In this type of economy, purchases made in the market inform the decisions on what to produce, how to produce and for whom to produce.
What is a market economy?
Country PRK has been banned from all luxury goods being imported. This is an example of this type of trade barrier.
What is an embargo?
This usually tells us about the standard of living of a country but is not certain as there is no universal measure for these rates.
What is literacy rate?
This is the measure of a nation’s quality of life based on income, education, life expectancy, and other factors.
What is standard of living?
The availability of these affects how societies answer the economic questions of what to produce and how to produce it.
What is natural resources?
The person who is the head of government in a parliamentary democracy is usually called this.
What is Prime Minister?