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CRCT Economics
| Question | Answer |
|---|---|
| What is the purpose of a currency exchange rate? | to allow one country to see how much their currency is worth compared to another |
| What is a tariff? | tax on imported goods |
| What is an embargo? | a restriction on trade with another country |
| What is human capital? | education and or training of workers |
| What type of economy do most countries have? | Mixed |
| What is GDP? | Gross domestice product |
| Why is GPD used? | to measure a countries wealth |
| Which four factors influence economic growth? | Land, labor, capital and entrepreneurship |
| What is the relationship between literacy rate and GDP? | The higher a countries GDP, the higher the literacy rate. |
| What is OPEC? | Organization of Petroleum Exporting Countries |
| How can citizens benefit from living in a country rich in natural resources? | Citizens may have a higher standard of living |
| Why was OPEC formed? | To control oil prices |
| What is specialization? | When one nation produces a good or service most efficiently |
| What are trade barriers? | quotas, embargoes and tariffs |
| What is a traditional economy? | an economic system based on tradition |
| What is a command economy? | an economic system based on government control |
| What is a market economy? | An economic system based on consumer wants and needs |
| What is a mixed market economy? | a mixture of two or more economic systems |
| What is entreprenuership? | starting a business and assuming risk |
| How has Chins's economy changed since the 1990's? | they have moved to more privately owned business |
| How does entrepreneurship increase a countries economic growth? | it create more jobs |
| What is capital? | anything used in production |
| What is a quota? | a limit on the amount of goods that could be imported |
| Why do countries that are highly developed have slow economic growth? | highly developed countries have smaller growth rates because thier economy is already large |
| What are trade barriers? | a tax on imported goods |
| How has China's economy changed since the 1990's? | they have increased in privately owned business |
| What are natural resources? | raw materials-vegetation, minerals fossils fuels |
| Which four factors influence economic growth? | land, labor,capital and entrepreneurship |
Created by:
vhoussel
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