Economics Flashcards
(24 cards)
The sun and trees are both examples of a ___ because they cannot be used up.
renewable resource
Roberto decided to take his life savings and open his own video game store. Roberto is an example of a(n) ___.
entrepreneur
If the US brought in a shipment of Toyota Prius’ from Japan, then those Prius’ would be an example of a(n) ___ for the US.
import
If you live in a country where the government decides what to produce, how to produce it, and who gets it, you are living in a country with a ___ economy.
command
If there were 1000 Wii’s available at Game Stop, that would be known as the ___.
supply
The dollar bill, the Euro, and the Peso are all examples of a country’s ___.
currency
Tariffs, mountain ranges, and the Berlin Wall were all examples of ___ because they make trade more difficult.
trade barriers
A computer programmer, a dentist, and a teacher are all examples of ___ because all three perform a job or service.
human resource
There are no tariffs involved in trading between the US and Mexico; therefore, they participate in ___.
free trade
Even though the US and Germany use different currencies (dollar and Euro), they are still able to trade with one another thanks to the ___.
IER International Exchange Rate
The fact that the US has a large number of cars, televisions, cell phones, and expensive homes means that the US has a very high ___.
standard of living
Coal and natural gas are examples of ___ because once they are used up, they are gone forever.
nonrenewable resources
If you live in a country where you can start your own business, decide on the price of your product, and decide who to sell your product to, then you are living in a country with a ___ economy.
market
Haiti is an example of a ___ country because they have very little industry and their economy is poor.
developing
If there are 2,000 people who want a Wii from the Mall of Georgia Game Stop, then the ___ for those Wiis is very high.
demand
If the US agrees to let Japan ship Toyota Prius’ into the country, but they place a limit of only 100,000 cars, then the US has placed a ___ on the number of Prius’ sold.
quota
If you live in a country where the individual makes some of the business decisions, and the government makes some business decisions, then you are living in a country with a ___ economy.
mixed
If the US trades away 1000 tons of wheat to Brazil, then they would be ___ the wheat.
exporting
Trade between Cuba and the US is impossible because both countries have placed a(n) ___ on trade.
embargo
If Germany adds up the total of all their goods and services produced in one year and it totals $17 trillion, then that $17 trillion would be their country’s ___.
GDP - Gross Domestic Product
If you live in a small island country that has been made up of mainly tiny fishing villages for many generations, then you most likely live in a country with a ___economy.
traditional
Natural gas, trees, and metals are all examples of ___ because they are goods that come from the Earth.
natural resources
If a McDonald’s employee takes courses to learn the cooking process or takes training to learn the register, then that is an example of ___ because they are improving their job skills.
human capital
Every country must decide what goods to produce, how they will produce them, and who they will produce them for. Based on how they answer these questions determine their ___.
Economic system
