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Economics I
Economic Systems & Factors of Production
| Question | Answer |
|---|---|
| Economic system where roles are handed down from generation to generation and the basic questions are answered as they have been since the distant past | Traditional Economy |
| Economy in which the government controls the means of production, property, and makes all decisions about production and consumption. | Command Economy |
| In this economy, producers and consumers make the economic decisions and the productive resources are privately owned | Market Economy |
| Contains elements of market and command economies | Mixed Economy |
| Gifts of nature; resources that come from the earth | Natural Resources |
| People and their jobs, skills, training, education | Human Captial |
| Machinery,equipment and technology that makes work easier | Capital Goods |
| Person who takes a risk and starts a business | Entrepreneur |
| Another term for trade with other countries | Voluntary Exchange |
| Quality of life; how well or poorly a person lives | Standard of living |
| These are the basic economic questions | What to produce? How to produce it? For whom to produce? |
| The total dollar ($) value of final goods and services produced in a country in one year. | GDP (Gross Domestic Product) |
| In this economy individuals have a great deal of freedom; they may buy and sell what they want | Market Economy |
| This economy is the least free. Individuals have little choice in what they buy and sell. | Command Economy |
| This productive resource is important to the economy because they provide jobs. Their businesses also produce valuable goods and services | Entrepreneurs |
| The percent of people in a country that can read and write | Literacy rate |
| Because there are no pure Market or Command economies, most economies in the world today are: | Mixed |
| Most democratic countries in the world will have economies that lean more towards: | Market |
| These are the four productive resources (or factors of production) | Natural Resources, Human Capital (Human Resources), Capital Goods (Physical Capital, Capital Resources), Entrepreneurship |
| This economy is the least likely one to be found in Europe | Traditional economy |
| Simple farming, hunting, gathering, and simple fishing are jobs in what type of economy? | Traditional economy |
| No government; private owned businesses | Market economy |
| private businesses, government ( protection, roads, schools) | Mixed economy |
| What is the common currency of the European Union (EU)? | The Euro |
| What must all EU countries have in common in their form of government? | They must all be democratic |
| What is the purpose (goals) of the European Union? | - Solve common problems - Increase safety and security of countries - Make trade easier (with common currency and creation of free trade zone) - Improve economic well being of countries - Increase standard of living for people - Improve environment |
| The GDP of a country divided by its population | GDP per capita (per person) |
| Why do we pay attention to GDP per capita? | It is a good indicator of the standard of living in a country |
| What does GDP help us understand? | The size and strength of an economy |
| This economy is driven by competition and supply and demand | Market Economy |
| What are some synonyms for a market economy? | Capitalism, Free-Enterprise, Free Market |
| When countries focus on producing a small range of goods that they have the resources for this is called: | Specialization |
| When countries rely on one anther for goods. Specialization leads to this: | Interdependence |
| An action, law, or policy that restricts trade or makes it harder. | Trade Barrier |
| A tax on imports which raises their price. Used to protect domestic business/jobs. | Tariff |
| A complete ban on trade with another country. Used to punish another country. | Embargo |
| A number limit on imports. Used to protect domestic businesses/jobs. | Quota |
| What is currency? | Money |
| What do currency exchange rates tell us? | The value of one country's money compared to another |
| What is a problem with currency exchange? | Banks charge a fee to exchange currency. If you exchange a lot of money, you will pay a lot in fees |
Created by:
mbuckner
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