Trade Barriers Economics Terms Economics Terms 2 Economic System Miscellaneous
100
What is Tariff
a tax or duty to be paid on a particular class of imports or exports.
100
What is Specialization
the act of specializing; making something suitable for a special purpose.
100
What is GDP
The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investment
100
What is Economic System
the system of production and distribution and consumption
100
What impacts GDP
Human Capital, Capital Goods, Natural Resources, Entrepreneurship
200
What is Quota
a limited or fixed number or amount of people or things, in particular.
200
What is Market Economy
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices.
200
What is Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
200
What are the 3 Questions every economic system must have
What to produce?
How to produce?
For Whom to produce?
200
What does human capital influence a country's GDP
Performance up= Profit up= GDP
300
What is Export Subsidy
Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through low-cost loans or tax relief for exporters, or government financed international advertising or R&D.
300
What is Traditional Economy
A traditional economy is a historical economic system in which traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based.
300
What is Human Capital
the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
300
What types of economic system do most European countries have
Mixed
300
Which nation experienced reunification and had unify 2 different economic systems
Germany
400
What is Product Standard
product standards define what products are made of, as well as how they perform.
400
What is Command Economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
400
What is Capital Goods
goods that are used in producing other goods, rather than being bought by consumers.
400
What type of economic system did Russia and East Germany have years ago
Command
400
What four factors influence economic growth
Human Capital, Capital Goods, Natural Resources, Entrepreneurship
500
What is Embargo
an official ban on trade or other commercial activity with a particular country.
500
What is Mixed Economy
an economic system combining private and public enterprise.
500
What is Natural Resources
materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
500
What are two things employers invest in when it comes to human capital
Education/Training and health care of employees






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