European Economic Vocabulary

What does it mean to import a good?

• Buy a good from another country

• Sell a good to another country

• Refuse to trade goods with another country

• Give goods away for free to another country

The ability to produce a good or service at lower costs than another country is known as-

• Gross Domestic Product

• Trade deficit

• Comparative advantage

• Trade surplus

Tertiary level jobs are a characteristic of-

• Developed countries

• Developing Countries

Gross Domestic Product (GDP) per capita means-

• The amount of money a country makes

• The average person's salary within a country

• A country imports more goods than it exports

• One country produces a good/service more efficiently than another

"A country imports more goods than it exports" describes what vocabulary term?

• Interdependence

• Comparative advantage

• Trade surplus

• Trade deficit

Which term means that a country MAKES more money than it spends?

• Trade surplus

• Market economy

• Trade deficit

• GDP per capita

Which country has the comparative advantage in banking?

• Norway

• France

• Switzerland

• Sweden

In a command economy, who/what it in charge of production?

• The people

• The government

• No one

• Both the government and the people

A communist country would have what kind of economy?

• Traditional Economy

• Market Economy

• Mixed Economy

• Command economy

You would want to live in a country with a high GDP per captia.

• True

• False