What three basic economic questions must be answered?

What to produce? How to produce? For whom to produce?

What is Gross Domestic Product?

Total amount of goods and services produced in a country in one year

Bans trade with another country for political reasons

Why do countries have to exchange currencies?

Because countries have different forms of currencies

Limits the amount of goods imported into a country

What are the four factors of economic growth?

Natural resources, capital goods, human capital, entrepreneurship

Define human capital.

Skills, knowledge, education that people bring to the workforce

Define standard of living.

Level of wealth and material comfort available in a country

What is the European Union?

A economic and political partnership between 27 different Europeancountries

Define capital goods.

Goods used to make goods and services to be sold to consumers

Define entrepreneurship.

people who take financial risks in creating a business

What are the different types of economic systems?

Traditional, command, market, mixed

Define natural resources.

raw materials that come from the Earth

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Europe-Econ Review

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Questions 20

Answers

1
What three basic economic questions must be answered?
What to produce? How to produce? For whom to produce?
Who? What? When?
Do we need money? Is money good? Are you wanting money?
Where? How? WHY?
2
What type of economic system does Germany have?
Mixed
Command
Traditional
Pure Market
3
What is Gross Domestic Product?
How strong a country's military is
GDP yeah you know me!
Total amount of goods and services produced in a country in one year
All the above
4
What are embargoes?
Bans trade with another country for political reasons
All of the above
Limits the amount of goods imported into another country
Taxes on imported goods
5
Why do countries have to exchange currencies?
Currency makes the World go round
To collect money from all over the World
Because they want to
Because countries have different forms of currencies
6
What are quotas?
Taxes on imported goods
Bans trade with another country for political reasons
Limits the amount of goods imported into a country
None of these
7
What is currency?
How a country works economically
This was not discussed
System of money a country uses
The system of economy a country uses
8
What are the four factors of economic growth?
Money, military, Mounds, Mills
Natural resources, capital goods, human capital, entrepreneurship
Factories, fighting, forts, Fords
Strenght, Humility, Eagerness, Wonder
9
Define human capital.
All the above
Skills, knowledge, education that people bring to the workforce
How smart a country is
Where people live
10
Define standard of living.
Level of wealth and material comfort available in a country
It depends on how you define standard
How many video games a nation has access to
How strong a nation's military is
11
What currency do most member nations of the EU use?
Euro
European Peso
It depends where you are.
European Dollar
12
What is the European Union?
An Asian place wanting to become European
This was not taught
A large place in Europe
A economic and political partnership between 27 different Europeancountries
13
Define capital goods.
Goods that are most important in creating capital
Where most goods are made
We don't know
Goods used to make goods and services to be sold to consumers
14
What is specialization in economic terms?
Command Economy
When a country only makes one thing
None of these
an efficient way to work
15
Define entrepreneurship.
People who come up with ideas
Inventors
Something that is important to an economy
people who take financial risks in creating a business
16
What are the different types of economic systems?
Command, market, walmart, K-mart
Traditional, easy, hard, Confused
Regular, hard, mixed, odd
Traditional, command, market, mixed
17
Define natural resources.
We did not study this
How natural a country's economy is
raw materials that come from the Earth
How a nation makes money
18
What type of economic system does Russia have?
Mixed
Command
Market
Traditional
19
What are tariffs?
Blocks/bans trade with a country for political reasons
Limits the amount of imports brought into a country
Taxes on imported goods
All the above
20
What type of economic system does the United Kingdom have?
Traditional
Command
Mixed Market
Pure Market

Europe-Econ Review Flashcards | StudBud