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European Economics Vocabulary

Name ________________________________

Class Period ________
Education & skills of workers
Goods brought in from other countries
Gifts of nature
These countries are working towards becoming more advanced
Example: things like walls, borders, languages, tariffs, quotas
No trade barriers allowed
Once the world runs out, it's gone forever
Limit on imports
Everything people need to produce new goods or services
Slows down trade
These are a mix of market, command, and traditional types
Natural features that restrict trade
Stops all trade with a country
Goods sent to other countries
Business owner
Government makes all decisions in this type of economy
Individuals make all decisions in this economy type
Based on trade and customs
These countries have modern cities, good roads, advanced technology, and strong economies
Solar energy is an example of this type of resource
Used to measure a country's wealth