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Economics - Europe

QuestionAnswer
Bartering Commonly found in a traditional market economy. Involves trading without money.
Command Economy An economic model where the government makes all of the economic decisions
Economic System an economic model used by governments to determine what should be provided/produced in terms of goods and services, how, and for whom.
Entrepreneur A person who starts and runs their own business
Free Enterprise The ability for businesses to operate without government interference
Market(Capitalist) economy an economic model where the laws of supply and demand determine what is produced/consumed and at what cost
Subsistence Producing only enough for you. Not making more.
Traditional economy An economic model governed by custom, habit, and history
Mixed Economy The most common type of economic system in the world. A blend between command and market.
Domestic Means your own country. For example, the United States would be this for us
Foreign Places that are not where you are from. China would be this to us in the United States
Boycott refusal to purchase a good/service from a specific company or country
Embargo A trade barrier which blocks all trade with another nation
Quota A trade barrier that places a limit on imported goods
Import Goods or products coming in from different countries. If you bought a computer from China and it shipped to the United States, it would be this.
Tariff A trade barrier that places a tax on imported goods
European Union Alliance of different European countries
Currency A nation's money
Euro European Union's currency
Literate Being able to read and write
Standard of Living the level of wealth and material comfort available to people
Human Capital How skilled and educated a country's workers are
Capital Goods The factories, machines, technology etc. that help make goods and services
Created by: joshkaliher
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