Show:
Capital
Trade Barriers
How to make money
Economic Systems
Potent Potables
100
Education is in an example of investment in what kind of capital?
Human
100
Tax on Imports
What is Tariff
100
In a capitalist system, people use capital (things worth money) to make more _________
What is money, or capital
100
In a _______ Economy, the government makes all the economic Decisions.
What is Command
100
When nations exchange goods, what is that called?
What is International Trade
200
Building a factory is an example of investing in what kind of capital?
Physical
200
Limit on the amount of goods that can be imported
What is quota
200
Risk takers in economies are also known as
What is Entrepreneurs.
200
Which type of economy is least likely to be found in Europe today?
What is Traditional
200
When Canada sell goods to Mexico and the United States without having to pay tariffs, it is benefiting from
What is Free Trade (NAFTA)
300
If a countries workers have little skill and produce little, then perhaps the country did not invest enough in what kind of capital?
Human
300
In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of:
What is a Tariff
300
When a person or group puts money or resources into something in order to make money
What is investment
300
Which European country has the LEAST free economy?
What is Russia
300
The value of all goods and services produced within a country in one year
What is Gross Domestic Product (GDP)
400
Why would an olive grower in Greece not want to have to exchange Rubles for Euros in order to sell his olives to someone Russia?
The money has to be EXCHANGED (bank fee)
400
What is the economic purpose of Tariffs and Quotas? (WHY do governments use these trade barriers)
To raise prices on imports, forcing citizens to buy domestically, thus helping the domestic economy.
400
When entrepreneurs create jobs and wealth for their country, they increase their countries _________
GDP, or standard of living
400
An economy that is part command, and part market
What is a Mixed economy.
400
Which country in Europe today is closest to being a command economy?
What is Russia
500
What country did not invest enough in human or physical capital, causing it's workers to be much less productive than other countries in Europe?
Russia
500
How can the United States try and force another country to do what they want by economic means? (Cuba, Iran, North Korea)
What is an embargo
500
When a worker only does one job, in order to be more efficient at producing the product they make
Specialization (division of labor)
500
In a mixed market economy, who decides what to produce and sell?
What is business owners
500
For 50 years, the United States has refused to trade with Cuba because the U.S. has put an ___________ on Cuba.
What is an Embargo