Quiz #2 - European Economy Vocabulary

restrictions on trade, such as tariffs, quotas, and embargoes

what is needed to produce goods & services; nat res, human res, capital res, entrepreneurship

items that are produced. EX: cars, pencils, books

a ban placed on trade with another country; a stoppage of trade w/ another country for a reason

when you make a decision, your opportunity cost is the value of your best alternative

total value of all final goods & services produced in a country in one year

tax on imports

something that is done for you at a cost. EX: haircut, teeth cleaning, car oil change

production of 1 or a few goods & services. ex: Titleist specializes in golf equipment

GDP divided by the country's population

money; ex: USD (dollar of US), Euro (currency of European Union)

physical items that are necessary for production. EX: equipment, computers, factories

items found in nature that are necessary for production; EX: water, land, trees

when there is not enough of something to meet everyone's wants

qualities of an entrepren include creativity, skill, determination, take a risk to start a busi

a limit on the number of imports that enter a country

workers who are necessary for production. EX: assembly men, truck drivers