Economics Basics

Buyers and sellers set the price for goods in Australia.

In order for Mexico and Brazil to buy and sell with each other....

Which is a way that Brazil has invested in human capital?

Canada has invested in human capital by ...

Mixed economies are aspects of market and command.

Communist=command economy

Wheat, fish....

Charging taxes

The reason that Cuba's literacy rate does not match its standard of living is because the Communist gov. controls econ.

Canada has a ________________ economy.

Maintains peace and stability, promotes trade and economic growth, free movement among member nations, single currency

Most countries in Latin America have a low GDP per capita and a low standard of living. (p.110)

Which of the below European countries has the most free economy?

Canada has a high GDP and a high standard of living.

Cuba has a 99.7% literacy rate.

Which is the most restrictive trade barrier?

What is an important role of entrepreneurs in Australia?

Modern factories and technology have helped Australia have a high GDP.

Tariffs are used to raise the price on foreign goods.

What type of agreement is the USMCA?

Which of the below Latin American countries has the most free economy? (p.106)

Inuit tribes are example of which economy?

Private citizens who invest their own money towards a new business are entrepreneurs.

Tariffs and quotas are alike because they both restrict or limit

What to produce? How to produce?

Name the countries that belong to USMCA.

Gov. protects private property, Consumers agree on prices, gov. has few trade barriers

Limit on how much

The higher the literacy rate, the higher the standard of living.

The previous name for USMCA was North America Free Trade Agreement.

customs, bartering, tribes

The US and Cuba do not trade.

A country must invest in human capital such as education and health care so that a country's ________is successful.

Promoting education, natural resources, entrepreneurs are Canada's way of investing in human capital.