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Economic Systems and Trade-European Nations Flashcards | StudBud
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Economic Systems and Trade-European Nations
Economic Systems and Trade-European Nations
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1
What do the economic systems of the United Kingdom, Germany, and Russia have in common?
All are command economies
All are traditional economies
All are examples of mixed economies
All are pure market economies
2
What are tariffs?
a tax on people who haven't payed they're debts
taxes on imported goods
taxes on exported goods
individual taxes
3
Quotas, Tariffs, and Embargos are all trade barriers
True
False
4
Trade barriers are generally classified as...
Walls and barricades.
CRAWLING IN MY SKINNNNN
Blow up the boats cuz 'Murica
Tariffs and embargoes.
5
Human capital is
The knowledge, skills, and land possessed by an individual
The skills, knowledge and money possessed by an individual
The skills, knowledge, and experience possessed by and individual
The demand, knowledge, and skills possessed by an individual
6
What is a mixed economy?
Combines elements of the command and market economies
The private ownership of economic
Making an economic decision independently
To dispose of things of value
7
what is a traditional economy
an economy controlled by traditions, customs, and beliefs.
All of the above
an economy driven by country's individual citizens
an economy controlled centrally by a government.
8
What is an export?
Exports are the ban of trading with another country
Exports are things that are bought from other nations
Exports are goods sold to other countries
Ports that were previously broken up with, thus "Ex"-port
9
Quota is...
a limit on the amount of goods imported.
nothing
government forbided trade.
a tax on imported goods.
10
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
11
What is the PRIMARY official currency of the European Union?
Franks
Dollars
Euros
Marks
12
What is an Import?
a slowing decline in the economy
the standard living
measure of wealth, comfort and material goods available to someone
the living standard
13
What's a command economy.
Resources owned by Shaggy.
Resources owned and controlled by the people.
Resources owned by the market.
Resources owned and controlled by the government.
14
What are the three economic questions a society must answer ?
What to produce? Who to produce for? How to produce it?
What is the population ? What is the weather? What for?
What is the market like? What is the currency? What to trade
Who to trade with? How much to trade? What to trade?
15
The gross domestic product (GDP) of a nation is the:
number of people employed in manufacturing
total value of goods and services produced by a country
population growth per year
manufactured product with the greatest value
16
What is an Import?
The short version of "Important"
Imports are things sent out to other countries
Imports are things purchased from other countries
Imports and things sold to other countries
17
What is the European Union (EU)
Europe's trading bloc
A trade agreement with Asia and Europe
The United Kingdom's trading bloc
The countries united known as "Europe"
18
What happens when the supply is high and the demand is low?
You have the equlibram
The Prices tend to increase
The Prices tend to fall
Prices go crazy and have a party
19
What is a market economy?
Moving markets from one place to the other
When people find the closest port and trade
Where Chipotle sets the prices of all goods
An economic system where the prices are set by the citizens and businesses
