European Economics

Human made goods (equipment, tools, trucks) that people use to produce other goods and services are called 

• Capital Resources
• Natural Resources
• Human Resources
• Entrepreneur

The person who starts, organizes and manages a business is called

• an entrepreneur
• a consumer
• a logger
• a producer

A tax on imports is called a

• embargo
• quota
• tariff
• motivator

In this economic system, people do things the way they have always been done.

• Market Economy
• Command Economy
• Traditional Economy

In some nations, the government controls the economy.  It tells people what to make and sell.

• Market Economy
• Command Economy
• Traditional Economy

The U.S. sells many cars in Germany.  This means that the U.S. sends cars to Germany.  These care are considered

• Imports
• Exports

A trade barrier that limits the number of imported goods is called

• Tariff
• Embargo
• Quota

The value of goods and services that a country produces in one year and which also determines the wealth of a country is called

• Profit
• GDP
• Imports
• Exports

For international trade to occur, people must have a way of knowing the price of one country's currency shown in another country's currency.  This is called

• Exchange Rate
• Voluntary Exchange
• Specialization
• Trade Barrier

Trading something for something else - no currency involved

• demand
• barter
• goods
• market