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