European Government and Economics

-way a country decides what goods and services will be produced, how they will be produced and who will consume them

• Economic System
• Laissez-Faire
• Currency
• Embargo

-economy in which customers and habits of the past decide what and how goods and services will be produced, distributed, and consumed

• Gross Domestic Product
• Command Economy
• Traditional Economy
• Mixed Economy

-economy in which change in prices guide what and how goods and services will be produced, distributed, and consumed
Government is NOT involved 

• Command Economy
• Market Economy
• Currency
• Gross Domestic Product

-economy in which the government decides what and how goods and services will be produced, distributed, and consumed

• Market Economy
• Traditional Economy
• Lassez-Faire
• Command Economy

-an economy that is on the continuum but not 100% command or 100% market. 

• Command Economy
• Market Economy
• Mixed Economy
• Gross Domestic Product

-factories, machines, technologies, buildings or anything needed for a business to operate

• Human Capital
• Physical Capital
• Supply
• Demand

-workers in a business or country

• Human Capital
• Physical Capital
• Gross Domestic Product
• Currency

-when something is running low (limited) on supply 

• Embargo
• Quota
• Tariff
• Scarcity

-how many consumers want a particular item

• Supply
• Demand
• Quota
• Tariff

-area where there are not any tariffs  or other trade barriers between countries

• Entrepreneur
• Command Economy
• Quota
• Free Trade Zone