Carmen Aguilar
period 5
European Economics
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Gross Domestic Production

vocabulary

Trade Barriers

Economic System

Factors of Production

Comparing the economies of European Countries

Economic Senarios

Traditional

tarrif

embargo

Traditional

Command

Market

mixed

they grow and make things the same way their ancestors did

anyone whop needs them

people do what their ancestors did and sell it to the people in their village and whatever they need

the government decides EVERYTHING

businesses decide based on supply and demand

businesses decide, but the government takes action when it comes to health care and the postal service

cumnsumers

businesses decide

consumers

businesses decide

Economics

the study of making, selling, and buying of goods and services

Services

any kind of work done for others

Goods

Supply

Demand

Scarcity

something you can feel

what is available in store

what is wanted by customers

not enough of something for everyone

Producers

Consumers

Specialization

someone who makes goods or performs services

someone who buys goods or services

when a company has people working on certain things and those people rely on other people to do another part

Entrepreneur

Interdependence

when people depend on each other

a person who comes up with a product or service OR a better way to make one

quota

physical

Cultural

Economic

tax on imports

a certain limit on the amount of imports

mountains, rivers, oceans, deserts...

language, money, or beliefs

a complete trade block

government rules that block or discourage free trade

human capitol

capital resources

natural resources

entrepreneur

talents, skills, and knowledge that a person has

goods that make other goods or services

resources from the Earth

creators of products or new businesses

the total amount of goods or services produced within a year in a country

factors of production affect this because the factors of production is all how things are produced and what is used to produce them, if we didn't have all of the factors of productions, we couldn't sell many things.

high GDP for a country means that that country is producing many goods and services, and that is good

Germany

Russia

UK.

Mixed market

Mixed economy

Mixed market

Timmy's grandfather had owned a pillow company. When he had died, Timmy's father had taken over the company. Now his father has retired and Timmy's is now the owner of the company.

Command

Market

Mixed

Edwardo wasn't allowed to own a shop. He had desperately wanted to start a furniture store, but the government wouldn't allow it.

Jonny wanted to start a gun company. This could be very dangerous, but he had started it anyways. The government didn't do anything about it. He got to decide what exactly what he wanted.

Alejandro wanted to start a company that sold illegal weapons and explosives. The government wouldn't allow him to start the business because they say it's dangerous. So, Alejandro has changed his mind and now owns a candy company.

Germany and Russia are both struggling countries.

The U.K. anf Russia big have mixed market economies