Post on 13-Dec-2015
Econ Econ systemssystems
BarriersBarriers vocabvocab RandomRandom Blast from Blast from the pastthe past
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Question: This system allows for buying and trading where the people choose what to buy/sell
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Answer: What is free market?
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Question: The system that has trading based on traditions and customs. Money is not used.
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Answer: What is traditional market?
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Question: This is the system where government controls what is sold/traded and sets the cost.
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Answer: What is command market?
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Question: This is the most common system used in most countries today.
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Answer: What is market economy?
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Question: This determines what type of economy a country has.
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Answer: What government involvement in decision making?
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Question: This is an obstacle that stops trade.
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Answer: What is trade barrier?
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Question: This barrier imposes a tax on imported goods.
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Answer: What is tariff?
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Question: This barrier stops trade between countries.
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Answer: What is embargo?
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Question: This barrier puts a limit on what is imported into a country.
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Answer: What is quota?
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Question: This is the term for when there is a shortage of a good.
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Answer: What is scarcity?
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Question: This is what is given up when making a choice.
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Answer: What is opportunity cost?
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Question: Name the 4 factors of production.
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Answer: What is capital resources, natural resources, labor resources, entrepreneur?
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Question: Goods such as machinery used in the production of a product.
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Answer: What is capital resources?
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Question: Capabilities of individuals to provide solutions to customers.
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Answer: What is human resources?
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Question: A person who organizes and assumes the risk for business.
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Answer: What is entrepreneur?
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Question: The social science that deals with the production, distribution, and consumption of goods and services.
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Answer: What is economics?
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The total market value of all the goods and services produced within the borders of a nation during a specified period.
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Answer: What is GDP?
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Question: Despite its economic success, Hong King has few of these.
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Answer: What are natural resources?
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Question: Where people have the most freedom, they also have this.
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Answer: What is higher standard of living?
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Question: Economists call the constant renewal of the economy this.
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Answer: What is creative destruction?
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Question: In this type of government, the central gov. possesses much authority and decision making power? (distribution of power)
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Answer: What is unitary?
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Question: In this government, (distribution of power) power is shared between central and state/local governments.
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Answer: What is federal?
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Question: In this government, states hold the most power.
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Answer: What is confederation?
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Question: Name the ocean closest to Antarctica.
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Answer: What is South Ocean?
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Question: Name the ocean north of Europe.
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Answer: What is Arctic Ocean?
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