Economics - Jeopardy game
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Transcript of Economics - Jeopardy game
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EconomicSystems
TradeBarriers
Economic Growth Terms Potluck
Economic System where the economic
questions are answered based on customs and
beliefs…
TraditionalEconomy
Economic system where the
government makes all economic
decisions…
Command Economy
Economic system that is centered on the concept
of free enterprise…
Market Economy
Economic system that combines free
enterprise with governmental involvement in
certain industries…
Mixed Economy
The majority of Democratic
nations in the world have this
type of economy…
MixedEconomy
Anything that hinders
(prevents) free trade from occurring is
referred to as a…
TradeBarrier
Goods purchased outside the
country are called _____ , and goods sold outside the
country are called _____.
Imports & Exports
The North American Free Trade
Agreement (NAFTA) is designed to encourage free trade amongst
these 3 countries…
Mexico, Canada, & the United
States
Name 2 of the 3 types of trade barriers that
we’ve discussed…
Cultural, Physical, and
Economic
Name the 3 types of
economic trade barriers…
Embargo, tariff, and
quota
All the skills, talents, abilities,
and education that human
workers possess.
Human Capital
When someone starts their own
business, invents something new, or improves an existing idea…
Entrepreneurship
All the goods that are produced in an
economy, then used to produce other goods and
services…
Capital goods
The total amount of goods and
services that are produced in a country during
one year…
Gross DomesticProduct (GDP)
List 2 ways in which a country can invest in its human capital…
• Educating citizens• Training citizens• Keeping citizens healthy
The term for exchanging goods and services
without the use of money…
Barter
Anything that can be used an
accepted method of money…
Currency
The term for competition
among companies…
Free enterprise
The term for countries being
able to exchange goods and
services without any trade barriers…
Free Trade
This economic trade barrier is when a country refuses to trade
with another country, for
political reasons…
Embargo
Any materials that are found in nature and are
valuable to people…
Natural Resources
Germany, Russia, and he United
Kingdom all have which type of
economy…
Mixed Economy
A limit on the number of a certain good that
can be imported into a country is called a…
Quota
Countries with communist
governments are known to have what type of economy…
CommandEconomy
List 2 things that make Russia’s
natural resources
difficult to use…
• Harsh climate• Large size• Few navigable rivers• It’s landlocked