of Europe
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economic System | The way in which a nation uses its resources to satisfy people's needs and wants
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| Scarcity | the economic problem of having unlimited human wants in a world of limited resources
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| Traditional Economic System | social roles and culture determine how goods are made, sold, and bought
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| Market Economic System | based on individual choices and voluntary trade
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| Command Economic System | The government owns some or all of the factors of production
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| Mixed Economy | Economy that has features of more than one of the economic systems
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| Trade Barrier | Any law or practice that a government uses to limit free trade between countries
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| Embargo | A type of barrier in which a government places restrictions on the import or exports of certain goods. Embargoes often are backed by military force
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| Quota | A limit of the amount of product that may be imported during a given period of time
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| Tariff | A fee charged for goods or services brought into a state or country and another state or country
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| Free Trade Zone | An exchange of good without the use of tariffs or quotas within a certain boundary (European Union)
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| Currency | Money in any form that is accepted as a medium exchange, but especially paper money
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| Exchange Rate | The amount of one currency that can be purchased for a given unit of another
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| Physical Capital | Resources such as factories, machinery, and tools that people use to make other goods
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| Human Capital | The knowledge and skills that allow workers to produce goods and services and earn income
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| Standard of Living | the level of wealth, comfort, material goods and necessities available in a certain area
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| Literacy Rate | the ability to read and write at a specified age in a country
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| Gross Domestic Product (GDP) | the monetary value of all the finished goods and produce within a country's borders
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| Natural Resources | Raw Materials that are used to support life and make goods
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| Entrepreneur | Someone who brings together land, labor, and capital goods to produce goods and services
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
ccassrom2
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