Economic Systems in Europe
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| What are economics? | Social science that deals with the production, distribution, and consumption of goods and services
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| What are the three main questions a economic system must answer? | What to produce? How to produce it? For whom to produce?
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| Give a description of a traditional economic system and provide an example of who uses this system. | Description: based on customs and traditions Ex: Inuit People
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| Traditional Economy: who owns the resources? | - all members of the economy - hunter gathers
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| Traditional Economy: who keeps the profits? | - no money profits; goal is to survive
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| What are the four main types of economic systems? | Traditional Economy, Command Economy, Market Economy, and Mixed Economy
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| What are some words that describe economics? | Goods, trade, services, profit, marketplace, industry, and money
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| What is bartering? | The exchange of one good for another
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| Give a description of a command economic system and provide an example of who uses this system. | Description: government decides what goods are made and how they will be made Ex: Cuba
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| What are some command economy examples? | Communism and Socialism
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| Command Economy: who owns the resources? | - government
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| Command Economy: who keeps the profits? | - government
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| Give a description of a market economic system and provide an example of who uses this system. | Description: operates by voluntary exchange in a free market and is not planned or controlled
Ex: no examples
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| What is capitalism? | Economic system in which private owners control the production of goods and profit
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| How many countries in the world have a market economy? | ZERO
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| What is supply? | Quantity of a product or service in a market and available for purchase
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| What is demand? | The desire to purchase with power to do so
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| Market Economy: who owns the resources? | The people (individuals)
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| Market Economy: who keeps the profits? | The people (individuals)
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| Give a description of a mixed economic system and provide an example of who uses this system. | Description: an economy that has some government regulations and some free market Ex: Germany, United Kingdom
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| What is GDP? | Gross Domestic Product: the total amount of final goods produced in that country in a year
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| What is a tariff? | Tax added to an imported good
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| What is an embargo? | Banning trade with another country due to political issues
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| What is a quota? | Limits on the amount of goods
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| What four factors affect GDP? | Human resource, capital goods, natural resource, and entrepreneurs
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| What is a human resource? | People who perform labor, invest by training and education
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| What are capital goods? | Items that people need to perform their job, invest in it by updating machinery
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| What are the three trade barriers? | Tariff, embargo, and quota
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| What is a natural resource? | A natural resource are resources that come from nature.
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| Who are entrepreneurs? | People with ideas who are willing to take risks to start a business or make a product
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| What is standard of living? | How well citizens live based on good public services, education, health care, and good jobs
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| What is literacy rate? | Percentage of people in a country who can read and write
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| What is specialization? | Producing or providing a service in what you do best
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| What is opportunity cost? | Value of what is given up when a choice is made
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| What are two examples of capital goods? | Factories, machinery
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| What are two examples of natural resources? | Land, water
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| What are three ways a country can invest in its human resource (capital)? | Nations that invest in the health, education, and training of their people will have a more valuable workforce
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| What is a human capital? | The value that people bring into the marketplace
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| What is exchange rate? | How much one type of currency is worth in terms of another
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| What is currency? | Money and ca$h
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