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Economics

economics leaning targets

QuestionAnswer
What is an economic continuum line? A line that tells you whether a country is leaning more towards a command or market economy
A ___________ is a lot like communism Command economy
What are the four factors of production Natural resources, human capital, capital goods, entrepreneurship
Which economic system produces only what is needed to survive? Traditional economy
In which economy does the government decide what, how, and for whom it's produced? Command economy
A traditional economy is based on__________ Customs & habits of the past
I am a person with an idea or plan to start a business. I am a(n) __________ Entrepreneur
Which factor of production is more important? All of them! They are all equally important and your business will fail if you don't have them all.
Another name for human resource Human capital
Name some examples of natural resources Coal, corn, trees, minerals, water, wind
What are Capitol goods? Machines, tools, and building or work place
Why are all countries interdependent? They depend on each other for resources. One country may have a resource that another country may not have, so they'll trade. This gives people an opportunity to have a better standard of living.
Is there a guarantee of economic equality in a market economy? No, one person may earn more money than another.
how has Russia's economy been developing since the Soviet Union? it has been moving more towards a command economy, but very slowly.
where is the UK located in the economic continuum line? it is leaning more towards a market economy
where is Germany in the economic continuum line? it is right in the middle between command and market
what is Russia leaning more towards in the continuum line? command economy
what are the 3 trade barriers? tarrif, quota, embago
what is the purpose of an embargo? to prohibit all trade with a country
a limit on the number of goods that are exported from another country is _____________. a quota
what is a tariff? a tax on imports
what type of economy are Cuba and North Korea leaning more towads? a command economy
what type of economy do MOST countries have? mixed economy
explain what free enterprise is when buyers ae allowed to by what they want and sellers are allowed to sell what they want
Created by: Ople-Medow
 

 



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