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economies
| Question | Answer |
|---|---|
| What are the four types of economies? | Traditional, Market, Command, and Mixed. |
| What are the three most common questions a business owner should ask? | How to produce? What to produce? Who to produce for? |
| What is a quota? | A limit on trade(goods and services). |
| Why do countries trade? | To get the goods and services needed to increase the standard of living. |
| What is a human capital? | The people who do the work in an economy. |
| What are capital goods? | Machines that are used to to do business. |
| What is entrepreneurship? | A person who takes a risk to start a business. |
| What are natural resources? | Things found in nature used to increase the standard of living. |
| What is an embargo? | An agreement where a country does not trade at all with a country. |
| What is voluntary exchange? | Countries trade the resources they have for the resources they need. |
| What is a tariff? | Tax on imports used to protect products. |
| What is scarcity? | Lack of the resources they need to have a high standard of living. |
| What is interdependence? | Countries working together to improve standard of living. |
| Why do countries exchange currency? | To be able to use the money you have. |
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