Relacionar Columnas European EconomicsVersión en línea European Economics por Jennifer Fazio 1 Describes an economic system in which the people can own land, factories, and businesses? 2 In this type of economy, the government makes all business and financial decisions. 3 In this type of economy, people do the same jobs and make the same things their ancestors did 4 Which economic system is controlled by the government? 5 In this type of economy, the people (based on supply and demand, not the government) determine the economic decisions 6 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. Traditional Economy Market Economy (1) Mixed Economy Market Economy (2) Command Economy (2) Command Economy (1) 1 A 0-100 scale which ranks world economies from most command (0) to most market (100) 2 First country on the economic continuum 3 Second country on the economic continuum 4 Third country on economic continuum United Kingdom Economic Continuum Germany Russia 1 Trade barrier that places tax on imported goods 2 When a country focuses on what they do best. Focus production on what they do best to become experts. 3 A rule established to make it hard for people in one country to trade with people in another country. 4 To encourage people to buy things make in their own countries or to prevent trade to punish another country 5 Trade barrier which places a limit on imported goods 6 Trade barrier which blocks all trade with another nation Tariff Trade Barrier Embargo Specialization Goal of a Trade Barrier Quota 1 The value of one nation's currency in terms of another's 2 A nation's money 3 Converting one nation's currency into an equal value of another's 4 Why is a currency exchange system necessary for different nations to trade with each other? Currency To make it easier to trade when different countries use different currencies Exchange Rate Currency Exchange 1 Economic and political union of 18 European nations. 2 Common currency of most European Union member countries Euro Europeon Union
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