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42 Cards in this Set
- Front
- Back
People in my society produce what they need to survive by farming or hunting. We base what to produce on past generations. |
Traditional economy |
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A political system in which the government owns all property and dominates all aspects of life in a country. |
Communism
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What is the benefit of having an abundance of natural resources?
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They will have a better chance of having a good economy
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Technology, equipment, stands, sinks, buildings, manufacturing good, computers, phones, and things needed to run a business are considered?
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Capital Goods
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Industrial Regions
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a region with extremely dense industry. It is usually heavily urbanized (India, Japan, Korea, Poland) often located near rivers
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What does the GDP measure?
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goods and services produced within a country
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Are natural resources capital goods?
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no, they can be important BUT not the main thing for high productivity
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What are the causes for economic growth?
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Investment in Capital growth, Investment in human capital, Role of entrepreneurs, Higher standard of living.
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What is Trade?
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Trade is the voluntary exchange of goods and services between two or more parties.
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The oldest economy is ?
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Traditional
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What kind of Economy can I start my own business and charge what ever I want for the products?
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Market Economy
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What economy is the best competition for producers?
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What economy is the best competition for producers?
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In a Command Economy
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producer answer to the central authority
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What kind of economy does Russia have?
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mixed
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What is another name for Tax?
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Tarriff |
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The US found out a company they trade with in China has been using lead paint on toys they trade, What can the US do to stop the use of lead paint.
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Embargo
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What are causes of economic growth?
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Investment in human capital, role of entrepreneurs, and investment in capital goods.
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I work on my Grandfathers farm as did everyone in my family, we still seed the fields by hand, we trade our crops for things we need to live. I live in a _______ economy
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Traditional |
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What is the exchanging currencies
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Trade- Money between nations. Money from one county must be converted into currency to pay for goods and services for that county
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foreign exchange
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a global market in which people trade one currency with another, example one is in New York and London
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How to raise a countries GDP?
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One way is education, education creates smarter workers which lead to greater growth.
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Why would the US put an embargo on another country?
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____ typically motivated by political, economic, moral, or environmental reasons
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Social Market Economy
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Economy seeking a middle path between socialism and laissez-faire
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Entrepreneur
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A person who starts up and takes on the risk of a business for themselves
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Human Capital
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Combined knowledge, skills and experience of a company's employees. (the people who at the company)
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The percentage of a country's people who can read and write.
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Literacy rate
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Physical capital
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capital" consists of manufactured productive resources such as equipment, buildings, tools, sinks, cash registers, toilets, computers, printers and machines.
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rubles
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Russian money like Yen (Japan) or Euros (Europe)
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Free trade zone
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an area of a country where some normal trade barriers such as tariffs and quotas are eliminated and bureaucratic requirements are lowered in hopes of attracting new business
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Embargoes
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complete ban on certain products coming in or leaving the country; usually for political reasons
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A non tariff barrier that limits the quantity of a good that may be imported into a country.
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Quotas
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Tariffs
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taxes on imported goods to discourage the buying of imported goods and increase the economy within a country
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Trade Barriers
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restrictions to free trade. (tariffs, quotas, or embargoes), Taxes, quotas, and other restrictions on goods entering or leaving a country.
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Mixed economies
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Economic system in which some allocation of resources is made by the market and some by the government.
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the economy is run by the people and not the government; capitalism; example: US; Owners are free to run business as they please, can choose what to sell and what to buy
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Free economies
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Laissez-faire
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Hands off. No government intervention in business.
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Capitalism
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(aka free enterprise) an economic system in which individuals own and operate the majority of businesses that provide goods and services
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Free enterprise
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Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
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An economic system in which businesses and individuals decide what to produce and buy, and the market determines quantities sold and prices.
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Market Economy |
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An economic system in which the government controls a country's economy. |
Command |
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Economic System
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The way a country decides what goods and services. Will How Who will make and consume the products
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Scarcity
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the principle that limited amounts of goods and services are available to meet unlimited wants
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