Unit 4 Economics of Europe

Front

What is a tax that is placed on imported goods?

Back

Tariff

Front

What are the three basic questions that every economic system must answer?

Back

What, how, and for whom to produce

Front

What is the purpose of the European Union?

Back

To trade freely

Front

A person is literate if _______

Back

They can read and write in their own language.

Front

The ______ are the products, items, and machines a business needs to succeed.

Back

Capital goods

Front

What is the definition of 'economics'?

Back

The study of how people manage resources and make choices.

Front

What is a 'market economy'?

Back

An economic system where decisions are made based on supply and demand.

Front

What does 'human capital' refer to?

Back

The skills, knowledge, and experience possessed by an individual.

Front

What is 'natural resources'?

Back

Materials or substances that occur in nature and can be used for economic gain.

Front

What is 'supply'?

Back

The total amount of a good or service available for purchase.