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