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European Economics

QuestionAnswer
What does it mean to be literate? able to read and write
What does surplus mean? more than what is needed or used; excess
What does scarcity mean? the state of being scarce or in short supply; shortage
What does standard of living mean? the degree of wealth and material comfort available to a person or community
If a country has a high literacy rate, what type of standard of living will most people have? higher standard of living
In this economic system, customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed. Traditional Economy
In this economic system, government planning groups make the basic economic decisions. Command Economy
In this economic system, decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. Market Economy
Because most economies have characteristics of both the command and market economy, they are considered? Mixed Economy
Which type of trade barrier involves a limit on goods brought into the country? Quota
In order to help Russia farmers sell more food, some people want to put a tax on the food imported (brought in) from other countries. This is an example of a(n) Tariff
What is the European Union’s (EU) free-trade zone? No taxes are placed on goods being imported to the EU.
What are the 3 trade barriers? Quota, tariff, embargo
What is an embargo? A government order stopping trade with another country.
What is an entrepreneur? A person who takes a risk and provides money to start and own a business.
What are natural resources? materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
What are the 3 economic questions all countries must answer in order to determine how to use the limited supply of natural resources? What to produce? How to produce? For whom to produce?
Created by: Dalziel
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