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Economics
economics leaning targets
| Question | Answer |
|---|---|
| What is an economic continuum line? | A line that tells you whether a country is leaning more towards a command or market economy |
| A ___________ is a lot like communism | Command economy |
| What are the four factors of production | Natural resources, human capital, capital goods, entrepreneurship |
| Which economic system produces only what is needed to survive? | Traditional economy |
| In which economy does the government decide what, how, and for whom it's produced? | Command economy |
| A traditional economy is based on__________ | Customs & habits of the past |
| I am a person with an idea or plan to start a business. I am a(n) __________ | Entrepreneur |
| Which factor of production is more important? | All of them! They are all equally important and your business will fail if you don't have them all. |
| Another name for human resource | Human capital |
| Name some examples of natural resources | Coal, corn, trees, minerals, water, wind |
| What are Capitol goods? | Machines, tools, and building or work place |
| Why are all countries interdependent? | They depend on each other for resources. One country may have a resource that another country may not have, so they'll trade. This gives people an opportunity to have a better standard of living. |
| Is there a guarantee of economic equality in a market economy? | No, one person may earn more money than another. |
| how has Russia's economy been developing since the Soviet Union? | it has been moving more towards a command economy, but very slowly. |
| where is the UK located in the economic continuum line? | it is leaning more towards a market economy |
| where is Germany in the economic continuum line? | it is right in the middle between command and market |
| what is Russia leaning more towards in the continuum line? | command economy |
| what are the 3 trade barriers? | tarrif, quota, embago |
| what is the purpose of an embargo? | to prohibit all trade with a country |
| a limit on the number of goods that are exported from another country is _____________. | a quota |
| what is a tariff? | a tax on imports |
| what type of economy are Cuba and North Korea leaning more towads? | a command economy |
| what type of economy do MOST countries have? | mixed economy |
| explain what free enterprise is | when buyers ae allowed to by what they want and sellers are allowed to sell what they want |
Created by:
Ople-Medow
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