Europe's Economy Word Scramble
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Term | Definition |
Traditional Economy | Produce what people need to live (hunting, farming, or gathering) |
Command Economy | Government control of the economy |
Market Economy | People control based on supply and demand |
Mixed Economy | Mixture of pure command and pure market |
Embargo | Forbids trade with another country |
Tarriffs | Taxes placed on imported goods |
Quotas | Restrictions or limits on amount of goods imported |
Human Capital | People (humans) who perform labor |
Capital Goods | Items that people need to perform their jobs |
Natural Resources | Resources that come from nature |
Entreprenuers | People with new ideas that are willing to take risks to start a buissness or make a product |
Supply | How much a person has |
Demand | What or how much a person wants (demands) |
GDP (Gross Domestic Product) | The value of all the goods and services produced by a country in one year |
Standard of Living | How well citizens live based on good public services, education, healthcare, and good jobs |
Literacy Rate | The ability to read and write, affects standard of living |
Specialization | Specialize in what they do best |
Opportunity Cost | Value of what is given up when a choice is made |
Currency | Money (examples: Canadian dollar, Brazilian real, EU Euros, Mexican pesos |
Exchange Rate | How much currency is worth in terms of another |
Created by:
efanning84
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