In this type of economy, the people (based on supply and demand, not the government) determine the economic decisions
In this type of economy people and business have some freedom to choose what they want to do. The government also has some rules to keep it fair.
Which economic system is controlled by the government?
Describes an economic system in which the people can own land, factories, and businesses?
In this type of economy, people do the same jobs and make the same things their ancestors did
In this type of economy, the government makes all business and financial decisions.
Mixed Economy
Command Economy (2)
Command Economy (1)
Market Economy (2)
Traditional Economy
Market Economy (1)
A 0-100 scale which ranks world economies from most command (0) to most market (100)
Second country on the economic continuum
First country on the economic continuum
Third country on economic continuum
Economic Continuum
Germany
United Kingdom
Russia
To encourage people to buy things make in their own countries or to prevent trade to punish another country
Trade barrier which places a limit on imported goods
When a country focuses on what they do best. Focus production on what they do best to become experts.
A rule established to make it hard for people in one country to trade with people in another country.
Trade barrier which blocks all trade with another nation
Trade barrier that places tax on imported goods
Goal of a Trade Barrier
Trade Barrier
Tariff
Specialization
Quota
Embargo
Converting one nation's currency into an equal value of another's
Why is a currency exchange system necessary for different nations to trade with each other?
The value of one nation's currency in terms of another's
A nation's money
To make it easier to trade when different countries use different currencies
Currency Exchange
Currency
Exchange Rate
Economic and political union of 18 European nations.
Common currency of most European Union member countries
Euro
Europeon Union