Unit 4 Quizlet Review
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Created by:
amyblack Plus on December 12, 2010
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Mrs. Barman GMS, Mrs. Black GMS, "Me and My Homies!", Christians of Quizlet, Beast-e guys, BOBO123
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35 terms
Terms | Definitions |
|---|---|
 embargo | A BAN on on trade and imports from another country |
| quota | A LIMIT on the amount (quantity) of goods brought into a country |
| tariff | A TAX placed on items imported into a country |
| entrepreneur | A person who takes a risk to start a business |
| human capital | The people who work for a business |
| capital goods (physical capital) | Any good needed to produce a product |
| market economy | An economy in which the business owners make all the decisions about their business |
| traditional economy | An economy based on traditions and customs - no money is involved |
| mixed economy | An economy that operates as a mixture of command and market - business owners AND the government have some control |
| Gross Domestic Product | The value of all goods and services produced WITHIN a country in a year. |
| literacy rate | The percent of people in a country who can read and write well |
| natural resources | Things provided completly by nature AND can bring a country wealth ex: gold, natural gas |
| What is the relationship between literacy rate and standard of living? | The higher the literacy rate, the higher the standard of living |
| What is a problem with having to exchange currencies? | The banks charge fees to exchange currency. |
| How does investment in physical capital (capital goods) increase a country's GDP? | The newer the machines, factories, and technology, the company can produce better quality products and those products are sold which increases the GDP. |
| How do entrepreneurs increase a country's GDP? | They start a business which gives people jobs and salaries...then those people buy other items which increases the country's GDP. |
| What keeps Russia from using its natural resources | Climate - most of northern Russia is tundra...ICE...they can not access the resources. |
| Economic systems address what issues? | What, how, and for whom products and services should be produced. |
| Why is a country better off NOT having to import natural resources? | Buying from other countries costs more money in the long run. |
| What type of economy do the UK, Germany and Russia have in common? | Mixed economy |
| Every economic system address what issues? | What products will be made, who can make them, who can buy them and what will the price be? |
| How do natural resources affect the economy of a country? | When a country has natural resources, they can use them to produce goods or they can sell them to other countries, or use them as sources of energy. |
| Examples of investing in capital goods/physical capital... | constructing (building) a new factory, buying new sewing machines, new computers, etc. |
| In what way do entreprenuers help increase a country's GDP? | by creating businesses that give people jobs |
| In the United Kingdom, who decides which goods will be produced and sold? | the citizens and business owners |
| which country owns most of the large and important industries with its borders? Russia, UK or Germany? | Russia |
| Which type of economy is least likely to be found in Europe? Market, Command or Traditional? | traditional |
| What are the main cuases of acid rain? | burning of fossil fuels like coal and oil in cars and factories |
| smog | a mixture of smoke, chemicals, and fog |
| Ph | a measure of how acidic or basic a solution is |
| acid rain | rain containing acids that form in the atmosphere when industrial gas emissions (especially sulfur dioxide and nitrogen oxides) combine with water |
| What is the main cause of air pollution in the United Kingdom today? | automobile exhaust emmisions |
| What were some effects of the nuclear disaster in Chernobyl, Ukraine? | Drinking water was unsafe for months, trees and plants died, people and animals got sick |
| Why were other countries concerned about the nuclear disaster in Chernobyl? | Radioactive material fell on other countries. |
| command economy | a system in which the central government makes all economic decisions |
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