Economic Systems
How do members of a traditional economy trade goods?
Bartering
What is a tariff?
A tax on imported goods.
Which of the following is a natural resource, Gold, Wood, or Cardboard.
Cardboard
What is human capital?
a country’s investment in Education and training for its citizens
What is an entrepreneur?
Someone who owns their own business.
What economic system do most democratic countries use?
Mixed, market-leaning
What is an embargo?
a ban on trade or other commercial activity with a particular country
Coal and iron deposits found in the United Kingdom are sources of what type of resource?
Natural resource
Mr. Cunningham decides to send each of his new employees to a training to teach them how to become better salesmen. This is an example of:
Investment in human capital
What does GDP stand for?
Gross Domestic Product
In which economic system are the price of goods and services determined by the government?
Command.
What is a quota?
A restriction or limit on the amount of goods that can be imported
What is a non-renewable resource?
a resource that, once it is used up its gone.
Factories, Machinery, Technology, Roads, and Equipment are examples of what?
Capital
A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of:
Entrpreneurship
Most countries fall on the _____________________, somewhere between pure command and pure market.
Economic continuum
What is the European Union?
A collection of 28 European nations.
Russia has many natural resources but are unable to collect many of them. Why?
Because of their remote location.
A country that improves the _____________ among its citizens will improve the standard of living within that country and improve its economy.
literacy rate
The more entrepreneurship a country has, the higher its what?
GDP
What are the three economic questions?
What? How? For whom?
How many countries make up the European Union?
28
What are the three main natural resources available in the United Kingdom?
coal, oil, and natural gas.
Of the six countries we looked at, which one had the lowest literacy rate, and thus lowest GDP?
Haiti
What is GDP Per Capita?
The GDP divided by the number or people in the nation.