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Social Studies
Economic Systems in Europe
| Question | Answer |
|---|---|
| What are economics? | Social science that deals with the production, distribution, and consumption of goods and services |
| What are the three main questions a economic system must answer? | What to produce? How to produce it? For whom to produce? |
| Give a description of a traditional economic system and provide an example of who uses this system. | Description: based on customs and traditions Ex: Inuit People |
| Traditional Economy: who owns the resources? | - all members of the economy - hunter gathers |
| Traditional Economy: who keeps the profits? | - no money profits; goal is to survive |
| What are the four main types of economic systems? | Traditional Economy, Command Economy, Market Economy, and Mixed Economy |
| What are some words that describe economics? | Goods, trade, services, profit, marketplace, industry, and money |
| What is bartering? | The exchange of one good for another |
| Give a description of a command economic system and provide an example of who uses this system. | Description: government decides what goods are made and how they will be made Ex: Cuba |
| What are some command economy examples? | Communism and Socialism |
| Command Economy: who owns the resources? | - government |
| Command Economy: who keeps the profits? | - government |
| Give a description of a market economic system and provide an example of who uses this system. | Description: operates by voluntary exchange in a free market and is not planned or controlled Ex: no examples |
| What is capitalism? | Economic system in which private owners control the production of goods and profit |
| How many countries in the world have a market economy? | ZERO |
| What is supply? | Quantity of a product or service in a market and available for purchase |
| What is demand? | The desire to purchase with power to do so |
| Market Economy: who owns the resources? | The people (individuals) |
| Market Economy: who keeps the profits? | The people (individuals) |
| Give a description of a mixed economic system and provide an example of who uses this system. | Description: an economy that has some government regulations and some free market Ex: Germany, United Kingdom |
| What is GDP? | Gross Domestic Product: the total amount of final goods produced in that country in a year |
| What is a tariff? | Tax added to an imported good |
| What is an embargo? | Banning trade with another country due to political issues |
| What is a quota? | Limits on the amount of goods |
| What four factors affect GDP? | Human resource, capital goods, natural resource, and entrepreneurs |
| What is a human resource? | People who perform labor, invest by training and education |
| What are capital goods? | Items that people need to perform their job, invest in it by updating machinery |
| What are the three trade barriers? | Tariff, embargo, and quota |
| What is a natural resource? | A natural resource are resources that come from nature. |
| Who are entrepreneurs? | People with ideas who are willing to take risks to start a business or make a product |
| What is standard of living? | How well citizens live based on good public services, education, health care, and good jobs |
| What is literacy rate? | Percentage of people in a country who can read and write |
| What is specialization? | Producing or providing a service in what you do best |
| What is opportunity cost? | Value of what is given up when a choice is made |
| What are two examples of capital goods? | Factories, machinery |
| What are two examples of natural resources? | Land, water |
| What are three ways a country can invest in its human resource (capital)? | Nations that invest in the health, education, and training of their people will have a more valuable workforce |
| What is a human capital? | The value that people bring into the marketplace |
| What is exchange rate? | How much one type of currency is worth in terms of another |
| What is currency? | Money and ca$h |
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