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