GSE-Unit 3 Vocabulary Review #5
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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| bartering | a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange (often found in traditional economies)
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| command economy | an economic model wherein government planners make all business and financial decisions (often found in communist countries))
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| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
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| entrepreneurship | the capacity of private citizens to create new businesses independent of government direction or intervention
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| free enterprise | the creation, maintenance, and expansion of businesses outside the control or influence of the government.
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| market (or capitalist) economy | an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost
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| production quota | the required amount of a specific good that must be produced in a given time-frame
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| subsistence | producing only what is necessary for personal use/survival (often found in traditional economies)
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| traditional economy | an economic model governed by custom, habit, and history
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| wage | term for one’s financial earnings
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| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
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| mixed economy | term used to describe the market/command blending of all modern world economies
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| Brexit | 2016 referendum whereupon most British citizens voted for the U.K. to withdraw from the European Union; Brexit is a contracted form of “British exit [from the E.U.]”
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| domestic | term which refers to the products of services originating in one’s own country; it is the antonym of foreign
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| Eurozone | European Union member nations who use the euro as their common currency
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| GDP per capita | the average annual income of a nation’s citizens; per capita is Latin for “by each head”
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| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year’s time.
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| subsidization | money granted by the government to assist a business or industry in lowering the cost of its product/service
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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.
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:
kiragodwin
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