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Published bySamuel Bradley Modified over 9 years ago
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1. What to produce? 2. How to produce? 3. For whom to produce?
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Customs and habits of the past help people decide what to produce, how to produce, and for whom to produce.
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Government planning groups make the basic economic decisions.
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Economic decisions are guided by changes that occur between buyers and sellers in the market place.
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There is NO PURE COMMAND or MARKET Economy!!! Cuba Germany U.K.
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TARIFF – a tax on imports (goods shipped into a country)
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Quota – a limit placed on the number of imports that may enter a country
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Embargo – a government order to stop trade with another country
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an area where there are NO tariffs between the countries in the zone The European Union is an example of a Free Trade Zone.
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27 countries in Europe that work together to be a more powerful force in the world. When together, they have more people, more$, and more land area. (This helps smaller European countries be more powerful.)
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The money people use to make trade easier U.S.A. – U.S. Dollars Russia – Rubles Much of Europe – Euro
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the stuff, or people, that are necessary for businesses Human Capital – workers Physical Capital - supplies
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the total of all the goods and services produced in a country in one year
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Without natural resources, countries must import what they need from other countries.
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someone who risks his/her own money and time to create a business to make a profit
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The economic level of people in a country HIGH LOW
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the percentage of a country’s people who can read and write Literacy rate affects a country’s standard of living!!
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