Europe Economy Vocab Word Scramble
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| Term | Definition |
| traditional economy | an economic system that relies on fishing, farming, hunting and gathering; guided by traditions ; bartering instead of money |
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services |
| command economy | an economic model where government planners make all business and financial decisions |
| market economy | an economic model in which the laws of supply and demand determine what is produced/consumed and at what cost |
| barterring | a system of exchange whereby onegoodservice is given in retrun for another and bartering doesnt require monetary exchange |
| capital goods | the factories,machinery, technology, that are necessary to sustain a service or industry |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost effectively |
| literacy rate | the percent of a nation's population over that age of 15 that are able to read and write |
| standard of living | the level of wealth and material comfort available to all people |
| trade barrier | any government restriction on international trade |
| quota | a limit on the number of imports allowed into a country. |
| embargo | a government order stopping trade with another country. |
| tariff | a government tax on imports. |
| european union | economic and political union of 28 European Nations |
| mixed economy | an economic system that blends characteristics of command and market economies |
| euro- | common currency of most European union members; those E.U. Nations currently using the euro are referred to collectively as the Eurozone. |
| industry | the process of making products by using machinery and factories. |
| gross domestic product (GDP) | the total value of all the goods and services produced in a country in one year. |
| human capital | the quality of human resources; workers. |
| entrepreneur | someone who starts and runs a business. |
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