Show:
Systems
Factors
Trade Barriers
Vocabulary
CHALLENGE: Apply Your Knowledge
100
In this system, the community produces what they need to survive by hunting, farming, or gathering.
What is TRADITIONAL?
100
This economic factors involves humans performing labor.
What is HUMAN CAPITAL?
100
This barrier FORBIDS trade.
What is AN EMBARGO?
100
This economic term refers to people choosing jobs or roles based on what they do best.
What is SPECIALIZATION?
100
When the majority of people in a society can read and write, that society has a high __________.
What is LITERACY RATE?
200
In this system, there is a combination of pure command systems and pure market systems.
What is MIXED?
200
These factors include items people need to do their jobs more effectively.
What are CAPITAL GOODS?
200
This barrier places taxes on imported goods.
What are TARIFFS?
200
These two terms indicate how much a person has and what / how much another person wants.
What is SUPPLY AND DEMAND?
200
Knowing that 1 Euro is equal to 1.09 US Dollars tells you the __________ rate between Europe and the U.S.
What is EXCHANGE RATE?
300
In this economic system, the government controls all aspects of the economy.
What is COMMAND?
300
These are resources that come from nature.
What are NATURAL RESOURCES?
300
This barrier restricts or limits the amount of goods imported.
What are QUOTAS?
300
This word is an item of value used to establish trade in an economy.
What is CURRENCY?
300
If you choose to watch YouTube instead of studying for a Social Studies test, your lost study time is an example of this term.
What is OPPORTUNITY COST?
400
In this system, people control the economy through supply and demand.
What is MARKET?
400
These are people with new ideas, who are willing to take risks to start a business or make a product.
What are ENTREPRENEURS?
400
This is the only barrier that completely eliminates trade.
What is AN EMBARGO?
400
This three word term refers to the value of all goods and services produced in a country in one year.
What is GROSS DOMESTIC PRODUCT (GDP)?
400
This agreement removed trade barriers between Canada, the US, and Mexico, in 1993.
What is the NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA)?
500
All economic systems must address these THREE concerns.
What are: WHAT TO PRODUCE?, HOW TO PRODUCE?, AND FOR WHOM TO PRODUCE?
500
The Egyptian shadoof is an example of this economic factor.
What is CAPITAL GOOD?
500
Using context clues, this is the best inference about the role of trade barriers in an economy.
What is TRADE BARRIERS CREATE OBSTACLES TO EFFECTIVE TRADE? (Accept answers that are reworded!)
500
This term includes how well citizens live based on availability of public services, education, health care, and employment.
What is STANDARD OF LIVING?
500
This economic term is represented by concert tickets being resold online at higher prices because the concert is sold out.
What is DEMAND?