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200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt 200 pt 300 pt 400 pt 500 pt 100 pt Economic Systems Economic Systems Trade Economic Growth Economic Growth Terms Random
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Economic System where the economic questions are answered based on customs and beliefs…
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Traditional Economy
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Economic system where the government makes all economic decisions…
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Command Economy
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Economic system that is centered on the concept of free enterprise…
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Market Economy
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Economic system that combines free enterprise with governmental involvement in certain industries…
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Mixed Economy
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The majority of Democratic nations in the world have this type of economy…
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Mixed Economy
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Anything that hinders (prevents) free trade from occurring is referred to as a…
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Trade Barrier
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Goods purchased outside the country are called _____, and goods sold outside the country are called _____.
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Imports & Exports
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The North American Free Trade Agreement (NAFTA) is designed to encourage free trade amongst these 3 countries…
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Mexico, Canada, & the United States
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Name 2 of the 3 types of trade barriers that we’ve discussed…
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Cultural, Physical, and Economic
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Name the 3 types of economic trade barriers…
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Embargo, tariff, and quota
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All the skills, talents, abilities, and education that human workers possess.
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Human Capital
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When someone starts their own business, invents something new, or improves an existing idea…
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Entrepreneurship
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All the goods that are produced in an economy, then used to produce other goods and services…
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Capital goods
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The total amount of goods and services that are produced in a country during one year…
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Gross Domestic Product (GDP)
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List 2 ways in which a country can invest in its human capital…
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Educating citizens Training citizens Keeping citizens healthy
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The term for exchanging goods and services without the use of money…
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Barter
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Anything that can be used an accepted method of money…
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Currency
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The term for competition among companies…
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Free enterprise
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The term for countries being able to exchange goods and services without any trade barriers…
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Free Trade
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This economic trade barrier is when a country refuses to trade with another country, for political reasons…
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Embargo
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Any materials that are found in nature and are valuable to people…
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Natural Resources
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Germany, Russia, and he United Kingdom all have which type of economy…
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Mixed Economy
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A limit on the number of a certain good that can be imported into a country is called a…
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Quota
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Countries with communist governments are known to have what type of economy…
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Command Economy
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List 2 things that make Russia’s natural resources difficult to use…
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Harsh climate Large size Few navigable rivers It’s landlocked
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