Europe's Economic Systems

Front

The European Union (EU) was most likely formed to

Back

increase trade between the European nations

Front

What questions do economic systems try to answer?

Back

what, how, and for whom to produce

Front

GDP, gross domestic product, is_______________________

Back

the total value of all goods and services produced in a country in a year.

Front

A country with more education and skills training will most likely have______________________

Back

an increase in GDP

Front

Which is an example of a country exporting natural resources?

Back

Russia's oil, natural gas, and wood

Front

What are the three types of economies?

Back

market, command, traditional

Front

An entrepreneur is best described as one who_____________________

Back

has an idea for creating a new business and gets the resources organized to run it

Front

The skilled and unskilled workers (construction workers, lawyers, scientists, assembly line workers) are which of the factors of production?

Back

human capital

Front

A quota is...

Back

limitation on the amount of a good that it imported

Front

Which is NOT a trade barrier? Embargo, Quota, Tariff

Back

Trade