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33 terms

Unit 4 Review 2013-14

STUDY
PLAY
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 causes of acid rain?
burning of fossil fuels like coal and oil in cars and factories
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 through the air.
command economy
a system in which the central government makes all economic decisions