Grace, Evelyn, and Arjun are studying different economic systems. They learned about a system where the government controls the operation of all businesses, goods, and services provided for its citizens. What is this system called?

In this economic system, citizens own and operate businesses and services, and the government has little to no control.

Most economies on earth can be classified under this system in which the government and citizens share responsibility over the goods and services provided.

A country's total GDP divided by its population is known as GDP per capita. This is a much more accurate representation of individual citizens' standard of living in a country.

This trade barrier occurs when a country imposes a tax on imported goods to protect their businesses from foreign competition.

This trade barrier occurs when countries are forced to meet or set certain limits on how much of a certain product can be traded or produced in an effort to keep the prices of goods stable.

____________ is when governments and businesses often invest in education or training for their employees to improve GDP

__________ is when the government or businesses invest in technology, factories, infrastructure, and machines to improve GDP.

When citizens own or operate their own businesses, they are _________________. Governments can improve their GDP by assisting them.

Governments look to use ___________ like lumber, coal, oil, metals, and minerals to improve their GDP.

Being able to provide a good, service, or resource better, faster, and/or cheaper than other nations.

Select three correct goals of the European Union.

The measurement of adults able to read and write in an area, region, or country is known as...

The amount of wealth, resources, and material comforts a person has available to them is known as...

Based on the traits below, in which section would the United Kingdom best fit on the pictured economic continuum chart?

• Allows citizens to own land, factories, and resources
• Citizens decide what to produce and prices of goods/services
• Government only regulates trade and takes taxes for certain services.

Based on the traits below, in which section would the Germany best fit on the pictured economic continuum chart?

• Allows citizens to own businesses, factories, and other resources.
• Has high taxes and determines the price of some goods and services.
• Regulates agriculture, energy, and telecommunications.

Based on the traits below, in which section would the Russia best fit on the pictured economic continuum chart?

• Citizens are able to own property, run businesses, and decide which goods and services to sell.
• Government controls major industries such as oil, natural gas, and shipping.
• The government determines the prices of all goods and services.

The inability to produce everything the citizens need and/or want is known as scarcity.

Bringing needed goods/services into a country from other countries is known as...

Which of the following is NOT a question every economy must answer in order to provide goods and services to their people?

Sending needed goods/services out of a country to others is known as...