Econ systems BarriersvocabRandom Blast from the past 10 30 20 40 50 10 30 20 40 50 10 30 20 40 50 10...
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Transcript of Econ systems BarriersvocabRandom Blast from the past 10 30 20 40 50 10 30 20 40 50 10 30 20 40 50 10...
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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Category 1 for 1
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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Category 1 for 5
Answer: What government involvement in decision making?
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Question: This is an obstacle that stops trade.
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Category 2 for 1
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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Category 3 for 1
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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Category 4 for 1
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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Category 4 for 4
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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Category 5 for 1
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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Category 5 for 3
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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