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Economic Systems of Europe

The production, distribution, and consumption of goods and services Economics
Exchanging one good or service for another Bartering
Economic system where private owners control the production of goods and profit Capitalism
How much people have or how much is available Supply
What or how much people want or need Demand
The value of all of the goods and services produced in a country per year GDP (Gross Domestic Product)
The degree of wealth and material comfort available to a person or community Standard of Living
The percentage of people in a country who can read and write Literacy Rate
Making a living doing what a person does best or making a living using the resources that are most available to you Specialization
A country's form of money Currency
Trading one type of currency for another Currency Exchange
A market where buyers and sellers have the right to buy and sell what they want Voluntary Trade
Who makes the economic decisions in a command economy? Government
Restricts or limits the amount of goods imported Quota
Purpose is to strengthen the economic, political, and defensive ties of member nations European Union
Who makes the economic decisions in a market economy? Private Owners
What focus country is trying to move from a command? Russia
How much one currency is worth in terms of another Exchange Rate
What focus country is closet to a market economy? United Kingdom
What do entrepreneurs provide that helps the economy and therefore the GDP of a country? Jobs
What makes it easier for EU members to trade with each other? Common Currency
Forbids Trade Embargo
Value of what is given up when a choice is made Opportunity Costs
Having both command and market economic activity Mixed
What country is an example of a command economy today? Cuba
Taxes placed on imported goods Tariffs
People with new ideas that are willing to take risks to start a business or make a product Entreprenuers
Items needed that come from the land around us Natural Resources
How one can invest in human capital Education
Obstacles that make trade difficult or impossible Trade Barriers
People who perform labor Human Capital
Items that people need to perform their jobs Capital Goods
How many pure market economies are in existence today? Zero
People control based on supply and demand? Market
Created by: Seraphim25



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