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Economics REVIEW

CA 5

QuestionAnswer
Why are entrepreneurs more likely to succeed in market economies than in command economies? Entrepreneurs are better able to take advantage of their own ideas and earn profits in market economies than in command economies.
Russia's Major Exports: petroleum and petroleum products natural gas, metals, wood and wood products. Based on the list, what conclusion can be made about Russia? Russia’s economy relies heavily on natural resources.
Russia’s economy relies heavily on natural resources. Investments in capital goods typically lead to an increase in GDP.
Investments in capital goods typically lead to an increase in GDP. by improving the job skills of the population
Europe: GDP per capita United Kingdom $42,500 Germany $48,200 Russia $26,100 Based on the table, how do the expenditures of these countries’ governments compare? Germany likely spends the most on education.
Which of the following is an example of an investment in human capital? A company pays for its workers to go to school.
How does being a member of the European Union allow trade to be simpler between Germany and France than it is between the United States and France? The European Union does not use trade barriers against member countries.
Which of the following represents the MAIN economic reason for the formation of the European Union? to establish voluntary trade among its members
Amy wants to sell her product manufactured in her country to consumers in other European countries that are not members of the European Union. What needs to be in place so Amy can accurately determine the price of her products in these other nations? a system for exchanging currencies between countries
The economic system of communist countries is most closely related to which economic system? command
Which term best describes an economic system in which the people—not the government—own land, factories, and businesses? market
A market economy is very different from a command economy. What is found in a market economy? competition
Market elements and command elements = MIXED ECONOMY
Which economic system uses bartering/living off the land? traditional economy - It is found in remote parts of Russia
Define Entrepreneur A person that takes a risk to start a business.
In which economic system are the production and distribution of goods owned by private individuals or corporations? market
When a country has a market economy, explain what defines this system? Companies produce goods of their choice and consumers decide whether to buy the goods.
In a traditional economic system people usually exchange goods or services rather than use money. What is an example of this exchange process? bartering with the seller
What is the purpose of a tariff, such as a protective tariff? to increase the prices of imported goods and protect a country's own industries from foreign competition
Canada and Mexico are SIMILAR in that lowering trade barriers between these two nations has resulted in both nations experiencing growth in their economies.
What are trade barriers? a policy that SLOWS DOWN TRADE examples are: TARIFF, QUOTA, EMBARGO
What is free trade? NO TRADE BARRIERS BETWEEN COUNTRIES (no tariffs, quotas, or embargos)
A country's parliament votes to increase tariffs upon goods from another country. This is an example of a representative democracy restricting trade.
What is the purpose of free trade partnerships like the North American Free Trade Agreement (NAFTA) between the United States, Canada, and Mexico? to increase trade by doing away with tariffs.
What is a limit on a number of goods/services that can be imported into a country called? QUOTA
What is a ban/stop on all trading called? Embargo
The North American Free Trade Agreement (NAFTA) was designed to promote free trade between the United States, _ & _ Canada, and Mexico.
Created by: ssha13
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