Unit 4 Economics of Europe

Front

What is the name of the economic and political organization of 27 European nations?

Back

European Union

Front

The total value of all the goods and services produced in a country in a year is the ________

Back

Gross domestic product or GDP

Front

What vocabulary term does the picture represent?

Back

Economic continuum

Front

How do traditional economies exchange goods?

Back

Bartering

Front

What is a term that as a verb means to gain financially; and as a noun means the economic gains of a business?

Back

Profit

Front

What is the economic system where private individuals own and control property and businesses?

Back

Capitalism

Front

What is the term for a tax on imported goods?

Back

Tariff

Front

What is the economic principle that describes the relationship between supply and demand?

Back

Market equilibrium

Front

What is the term for the money a business earns after all expenses are paid?

Back

Net profit

Front

What is the economic system where the government makes all economic decisions?

Back

Command economy