1. 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt Economic Systems Trade Barriers Economic Growth Terms Potluck

2. Economic System where the economic questions are answered based on customs and beliefs…

3. Traditional Economy

4. Economic system where the government makes all economic decisions…

5. Command Economy

6. Economic system that is centered on the concept of free enterprise…

7. Market Economy

8. Economic system that combines free enterprise with governmental involvement in certain industries…

9. Mixed Economy

10. The majority of Democratic nations in the world have this type of economy…

11. Mixed Economy

12. Anything that hinders (prevents) free trade from occurring is referred to as a…

13. Trade Barrier

14. Goods purchased outside the country are called _____ , and goods sold outside the country are called _____.

15. Imports & Exports

16. The North American Free Trade Agreement (NAFTA) is designed to encourage free trade amongst these 3 countries…

17. Mexico, Canada, & the United States

18. Name 2 of the 3 types of trade barriers that we’ve discussed…

19. Cultural, Physical, and Economic

20. Name the 3 types of economic trade barriers…

21. Embargo, tariff, and quota

22. All the skills, talents, abilities, and education that human workers possess.

23. Human Capital

24. When someone starts their own business, invents something new, or improves an existing idea…

25. Entrepreneurship

26. All the goods that are produced in an economy, then used to produce other goods and services…

27. Capital goods

28. The total amount of goods and services that are produced in a country during one year…

29. Gross Domestic Product (GDP)

30. List 2 ways in which a country can invest in its human capital…

32. The term for exchanging goods and services without the use of money…

33. Barter

34. Anything that can be used an accepted method of money…

35. Currency

36. The term for competition among companies…

37. Free enterprise

38. The term for countries being able to exchange goods and services without any trade barriers…

39. Free Trade

40. This economic trade barrier is when a country refuses to trade with another country, for political reasons…

41. Embargo

42. Any materials that are found in nature and are valuable to people…

43. Natural Resources

44. Germany, Russia, and he United Kingdom all have which type of economy…

45. Mixed Economy

46. A limit on the number of a certain good that can be imported into a country is called a…

47. Quota

48. Countries with communist governments are known to have what type of economy…

49. Command Economy

50. List 2 things that make Russia’s natural resources difficult to use…