Europe Economy 6th Grade Flashcards
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| 3044531228 | Tariffs (Trade Barrier 1) | Tax on imported goods. (Imported= items brought into the country) | 0 | |
| 3044531229 | Quotas (Trade Barrier 2) | A limit on the amount of goods that can be brought into the country. | 1 | |
| 3044531230 | Embargoes (Trade Barrier 3) | A ban on trade with another country. | 2 | |
| 3044531231 | Currency | Money. U.K- Pound Germany-Euro Russia-Ruble | 3 | |
| 3044531232 | Human Capital | People who perform labor--> the workers. | 4 | |
| 3044531233 | Capital (Physical Capital) | Factories and Machines. | 5 | |
| 3044531234 | Natural Resources | Items that come from nature. | 6 | |
| 3044531235 | GDP (Gross Domestic Product) | The total market value of goods and services produced in one year OR how rich a country is. | 7 | |
| 3044531236 | Entrepreneurship | A person who starts and runs their own business. | 8 | |
| 3044634693 | Exchanging Currency | Countries must exchange their currency for another country's currency. | 9 | |
| 3044640452 | Russia's economy | Mixed command economy. | 10 | |
| 3044645233 | U.K's economy | Mixed market economy. | 11 | |
| 3044650188 | Germany's economy | Mixed market economy. | 12 | |
| 3044652295 | Market economy | There is no government involvement and everything is based off supply and demand. | 13 | |
| 3044664278 | Command economy | The government tells the people what they can buy and sell. | 14 | |
| 3044668827 | Traditional economy | There is no money involved and everything is based off customs. | 15 | |
| 3044672304 | Mixed economy | A combination of command economy and market economy. | 16 | |
| 3044676157 | The three economic questions | What to produce, how to produce, and for whom to produce it to. | 17 |