Quiz #1 - European Economy Vocabulary

an economy based on supply & demand, aka capitalism, free enterprise

the reliance of countries on one another for obtaining goods & services

economy run by the government which decides what to produce, price, & wages of those producing

an economy based on custom & tradition , it involves barter.

0-100 scale which ranks world economies from most command leaning(0) to most market leaning(100

a confeder of 28 countries of Europe who use a common currency to make trade easier/less expens

wealth and resources of a country in terms of production, distribution, consumption of goods

the percentage of people from a country that can read and write

exchange of goods & services in a willing manner, & both sides benefit

how a country organizes its production, distribution, & consumption of goods & services

exchange of goods & services without barriers, such as tariffs (taxes)

the currency of the European Union

The ease by which the citizens wants/needs are met, the econmic level of the citiz of a country

on a continuum, it falls between command economy & market economy; most economies are mixed

the buying and selling of goods and services