European Economy Vocabulary

Question 1

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

Accepted Answer

specialization

Question 2

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

Accepted Answer

embargo

Question 3

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

Accepted Answer

economic continuum

Question 4

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

Accepted Answer

standard of living

Question 5

GDP divided by the country's population

Accepted Answer

per capita GDP

Question 6

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

Accepted Answer

command economy

Question 7

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

Accepted Answer

traditional economy

Question 8

tax on imports

Accepted Answer

tariff

Question 9

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

Accepted Answer

opportunity cost

Question 10

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

Accepted Answer

voluntary trade

Question 11

the currency of the European Union

Accepted Answer

Euro

Question 12

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

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factors of production

Question 13

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

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services

Question 14

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

Accepted Answer

literacy rate

Question 15

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

Accepted Answer

natural resources

Question 16

a limit on the number of imports that enter a country

Accepted Answer

quota

Question 17

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

Accepted Answer

Entrepreneurship

Question 18

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

Accepted Answer

free trade

Question 19

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

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capital resources

Question 20

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

Accepted Answer

trade barriers

Question 21

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

Accepted Answer

human resources

Question 22

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

Accepted Answer

Gross Domestic Product (GDP)

Question 23

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

Accepted Answer

interdependence

Question 24

the buying and selling of goods and services

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trade

Question 25

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

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scarcity

Question 26

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

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market economy

Question 27

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

Accepted Answer

economic system

Question 28

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

Accepted Answer

goods

Question 29

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

Accepted Answer

European Union

Question 30

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

Accepted Answer

currency

Question 31

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

Accepted Answer

mixed economy

Question 32

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

Accepted Answer

economy

European Economy Vocabulary

Questions 32

European Economy Vocabulary

Questions 32