Unit Vocab
An economic system that involves the government, businesses, and consumers to work together to answer the economic questions.
What is... Mixed Economy
An economic system that involves the government responding to the economic questions.
What is...
Command or Command Leaning Economy
Type of trade barrier that adds a tax on imported goods
What is...
Tariff
Resources that naturally come from the Earth
What is...
Natural Resources
Since the fall of the Soviet Union, Russia has moved from a ________ economic system to __________
What is... Command to Market Leaning
Converting one nation's currency into that of another.
What is... Currency Exchange
An economic system that involves custom and past ways of doing things answering the economic questions. Typically used in under developed countries
What is...
Traditional Economies
Type of trade barrier that limits the amount of goods imported into a country
What is...
Quota
Upgrading old machines and tools is a way to invest in which Factor of Economic Growth
What is Capital Goods
If Alejandro is traveling from Russia to the United Kingdom, what must he do in order to have money while he is there?
What is... Currency Exchange
-Exchange his money from Russian Rubles to British Pounds
The measure of the quality of life in a nation.
What is... Standard of Living
An economic system that involves businesses and consumers answering the economic decisions.
What is...
Market or Market Leaning Economy
Type of trade barrier that is used to ban a good from being imported, usually used for political reasons
What is...
Embargo
What are 2 ways to invest in Human Capital?
What is... Invest in:
-Education
-Job/Skill trainings
-Literacy Rate
Germany ensures that all students in the school system are able to read and write
What is... investing in Literacy Rate
Human Capital/Education
To focus on the narrow range of production where you will be successful. Based on skill, or available resources.
What is... Specialization
True or False: All economies are mixed economies
What is...
True- all economies land somewhere between Command and Market on the Economic Continuum
An embargo is a ban on trade, what is a similar word that also bans trade
What is...
Sanction
When a country invests in the Factors of Production, what happens to the G.D.P and why?
What is...
The G.D.P. increases because workers are trained/skilled in their areas of work; machines are running efficiently and producing products, resources are be used efficiently, entrepreneurs are investing
In response to the Russo-Ukrainian war, the United Kingdom enacted this trade barrier into place.
What is.. Embargo
Political and economic union of 27 European countries that promotes democratic values and a single market
What is... European Union
What are the freedom scores of the following:
Germany
United Kingdom
Russia
What is...
Germany- 72.1
United Kingdom- 68.6
Russia- 52
Germany has increased the limit of all timber products entering foreign countries from 15,000 lbs. per year to 25,000 lbs. per year
What type of trade barrier is this
What is a Quota
Impact of Literacy Rate and Standard of Living on G.D.P.?
What is... when investing in Literacy Rate the Standard of Living causing the G.D.P. to increase
Russia has lessened the tax burdens for new and upcoming business owners.
What is... Investing in Entrepreneurs.