European Economics Test Review

free market economy,what determines:what is produced,how much produced,how much it will cost

a limit or restriction on amount of a good or service that one country can export to another?

What are the dollar, peso, and euro forms of payment called?

educated,live longer lives, work in industrial jobs and traditional jobs like agriculture

babysitting, mowing grass, styling hair, receiving a manicure, and having your teeth cleaned

What is the spreading of products, ideas, and technology around the world called?

two economic systems are combined form MOST COMMON economic system in the world,Mixed Market?

Any raw material like water, petroleum, wood, or soil would be which factor of production

What are the skilled and knowledgeable workers of the production process called?

What is any OBJECT called that a person purchases to satisfy a need or want?

study of resources and how people use, manage, and sell those goods and services

Which of the following is NOT a question that economics seek to answer?

conflict betwn people's unlimited wants&their limited resources-there isn't enough of something

USA wont trade with N Korea because our govt opposes dictatorship of nation.type trade barrier?

has little education,few industrial jobs,shorter life expectancy,rely on agriculture to survive

What factor of the production process includes factories, tools, equipment and trucks?

What is a product called that a country sends out to other countries?

What is the money left over after a company pays all its expenses called?

Who is known as a "risk taker" in the production process and who has the most to gain or lose?

the standard by which economists measure nation's economic performance in a given time period?

trade barrier is a tax/duty on a good from another country that makes product more expensive?

What economic system keeps control of economic decisions mostly in the hands of government?

Which economic system is found in simple agricultural societies in the world?

economic system culture/tradition/past determine the answer to the three questions of economics

people who purchase goods/services and decide what will be purchased in a market economy?

The United Kingdom, Germany, and Russia all have what type of economy?

Which economic system would be the worst for competition between producers?

Apple made new fone, produced 2000. Demand was high, how would this affect the price of fone?

How does investing in specialization cause a higher standard of living?

economic system of communist countries/countries with a dictator most closely related to?

Which economic system do you think consumers like you would prefer

What is anything that a country uses to restrict or block trade with another country called?

A market economy has ________ ownership of property and resources.

Emily lives in a country with a high literacy rate. What does this also means about her country

Autocratic governments such as those in Cuba and North Korea have this type of economic system

When businesses battle one another to sell products, this is known as __________

What is the value of a good that is given up when something else is purchased is called?