Unit 1.4 | European Economy Review

Front

What type of economic system do Samuel and Abigail use in their village where they barter goods and services?

Back

traditional

Front

What is the economic system called where the government controls the operation of all businesses, goods, and services provided for its citizens?

Back

command

Front

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

Back

market

Front

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

Back

mixed

Front

When trading, countries often place these restrictions that make the trade more difficult.

Back

trade barriers

Front

This occurs when countries or citizens must exchange their money to match that of the host nation. This is done in order to cause less confusion and keep countries' money valuable.

Back

Currency exchange

Front

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.

Back

GDP per capita

Front

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

Back

tariff

Front

This trade barrier occurs when two or more countries no longer trade with one another, usually over government disputes.

Back

embargo

Front

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.

Back

quota