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Unit 5 TEST

Economic Basics: Europe

what is it called when the government makes the economic decisions: What to produce, how much to produce, and for whom to produce. command economy
a person who comes up with a product or service, and takes a business risk. entrepreneur
a trade barrier stops trade compjetely embargo
What are some examples of natural trade barriers? mountains, oceans, rivers
Let's say a country imposes a barrier, (such as a tariff) against an import, what is likely to happen to the price and amount of imported goods? When the quantity decreases, the price increases
If a country has fewer natural resources, how does it affect its trade? the country will need to import more products
building new factories and using newer technology are examples of______ _____ capital goods
What are 3 economic questions are asked when studying different economies? What to produce, how to produce, and for whom to produce?
If a country decides to sell a product because it is easy to build and is popular, so a high profit can be made, it is a ____ economy market
What is the main purpose of the European Union? to create greater economic unity between European countries
What do the economic systems of the UK, Germany and Russia have in common? they are all all mixed economies that are most market economies with some elements of command economies.
What is the purpose of exchanging currencies? it creates fairness for trade between countries
What is a mixed economy? it is a combination of privately-owned industry and government control
Investing in human capital will increase the country's _________ Gross domestic product
geographic feature that makes it more difficult for Italian merchants to trade with countries north of Italy The Alps
The Soviet Union did not invest in human capital, so Russian workers today are not as ________ as workers in other countries. productive
Created by: ssha13
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