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ESOE
Economic Systems of Europe
| Question | Answer |
|---|---|
| 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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