SS6E5: Economics

A government orders stopping trade with another country.

This is the European Union's currency (medium of exchange).

A limit placed on the number of imports that may enter a country.

There are twenty-eight (28) countries within the organization (EU).

A tax on imported goods.

This is how many consumers want a particular good or service.

Workers in a business or a country.

Customs and habits decide what and how goods/services are produced, distributed, and consumed.

The government controls what and how goods/services are produced, distributed, and consumed.

The total value of all the goods and services produced in a country in one year.

The money people use to make trade easier (medium of exchange).

Businesses can operate (buy/sell/trade/produce) without too many rules from the government.

Limited supply of something (typically a good or service).

An area where there are no tariffs among participating countries.

Ways of limiting trade by tariffs, quotas, and embargoes.

Has characteristics of Command and Market Economies.

Factories, machines, technologies, buildings, and property needed for a business to operate.

A person who risks his or her own money, time, ideas, and energy to start and run a business.

Economic level of people in the area.

An economy where prices guide what/how goods/services are produced, distributed, and consumed.

This is a hands off approach to business by the government.

This is an area where there are no tariffs between countries.

Determines the price people pay for goods and services (items).

The amount of a good or service.

The way a country decides what and how goods/services are produced, and who will consume them.