Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
6th -Unit 1.5 Europe
Unit 1.5 SS6E7, SS6E8, SS6E9 Economics
| Term | Definition |
|---|---|
| market economy | a country's economic decisions are based on what its people want to buy and sell |
| command economy | the government controls what is produced, how it is produced, and who gets the products |
| traditional economy | people produce what they need to survive by farming, hunting, gathering, or fishing; economic decisions are based on customs or traditions |
| mixed economy | an economy that has characteristics of both market and command economic systems |
| economic continuum | a 0-100 scale which ranks world economies from mostly command (0) to mostly market (100) |
| bartering | a system of exchange where one good or service is given in return for another; used in a traditional economy. |
| foreign exchange | the changing of currency (money) from one country's form into another's to pay for goods |
| Gross Domestic Product (GDP) | the total value of all the goods and services produced in a country in one year |
| GDP per capita | the average annual income of a nation's citizen |
| literacy rate | the percentage of a country's people who can read and write |
| standard of living | the measure of a nation's quality of life based on income, education, life expectancy, and other factors |
| human capital | workers of a business or country including their education, training, skills, and health |
| capital goods | factories, machines, technologies, buildings and property needed for a business to operate |
| entrepreneurship | the act of risking money, time, ideas, and energy to start and run a business |
| European Union (EU) | an organization of more than 25 European countries originally founded to encourage trade within Europe |
| natural trade barriers | something found in nature that restricts trade; examples include mountain ranges, deserts, rainforest, or lack of access to bodies of water. |
| political trade barriers | policies passed by a government to regulate (control with rules) trade. |
| tariffs | a trade barrier that is a tax placed on goods when they are brought into one country from another country. |
| quotas | a trade barrier that is a way of limiting the amount of foreign goods that can come into the country. |
| embargoes | a trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy. |
Created by:
manleyshms
Popular Social Studies sets