SS Unit 4 Europe's Economy

An activity that slows OR blocks the free exchange of goods and services.

• Trade Barrier

• Goods

• Quotas

• Production

The relative health, skills, education, and training of a nation’s labor force.

• Capital Goods

• Literacy Rates

• Human Capital

• Standard of Living

Focusing on a narrow range of products/services that can be produced most efficiently.

• Trade Barrier

• Voluntary Trade

• Specialization

• Standard of Living

A trade barrier which blocks all trade with another nation.

• Embargo

• Tariff

• Quota

An economic system where in government planners make all business and financial decisions.

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Countries with market economies base their answers to economic questions on ...

• what the government wants to produce.

• what skills the workers have.

• what consumers want.

• what previous generations produced.

The economy of the United Kingdom, Germany, and Russia can all be described as...

• traditional economy

• PURE command economy

• PURE market economy

• mixed economy

Entrepreneur...

• saves their money until they can afford a luxury item.

• invests in the stock market and makes a lot of money, or loses a lot of money.

• works very hard at their job to earn a raise.

• starts their own company.

The type of economy MOST European countries have is...

• Pure Market

• Pure Command

• Mixed

• Traditional

The purpose of currency exchange is to...

• create demand for goods and services.

• lower product prices for consumers.

• allow for trade between countries.

• reduce production costs for businesses.