Relier Pairs European EconomicsVersion en ligne European Economics par Jennifer Fazio 1 In this type of economy, people do the same jobs and make the same things their ancestors did 2 In this type of economy, the government makes all business and financial decisions. 3 Describes an economic system in which the people can own land, factories, and businesses? 4 In this type of economy, the people (based on supply and demand, not the government) determine the economic decisions 5 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. 6 Which economic system is controlled by the government? Market Economy (1) Command Economy (1) Market Economy (2) Command Economy (2) Traditional Economy Mixed Economy 1 Second country on the economic continuum 2 Third country on economic continuum 3 A 0-100 scale which ranks world economies from most command (0) to most market (100) 4 First country on the economic continuum Economic Continuum United Kingdom Germany Russia 1 Trade barrier which blocks all trade with another nation 2 A rule established to make it hard for people in one country to trade with people in another country. 3 To encourage people to buy things make in their own countries or to prevent trade to punish another country 4 Trade barrier that places tax on imported goods 5 When a country focuses on what they do best. Focus production on what they do best to become experts. 6 Trade barrier which places a limit on imported goods Tariff Quota Embargo Trade Barrier Specialization Goal of a Trade Barrier 1 The value of one nation's currency in terms of another's 2 Converting one nation's currency into an equal value of another's 3 Why is a currency exchange system necessary for different nations to trade with each other? 4 A nation's money To make it easier to trade when different countries use different currencies Currency Exchange Rate Currency Exchange 1 Economic and political union of 18 European nations. 2 Common currency of most European Union member countries Europeon Union Euro
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