Carmen Aguilar
period 5
European Economics
Done 100% ⭐
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