Name__________________________ Date__________________ Class_________
DIRECTIONS: Use your class notes to write the definition for each term. Give an example or draw a picture for each term. Economics Economics
Definition
traditional economy
command economy
Definition
trade barrier quotas
Standard Controlled by ______________; shortages of living occur because resources often go to military
mixed/market economy
literacy rate
trade barrier embargo
investment
trade barrier tariff
natural resource
Definition human capital
Definition interest
Capital goods
tax
Entrepreneur
GDP
Three essential questions of economics
1. __________________ to produce? 2. __________________ to produce? 3. __________ _________ to produce?
European Union
Government s parliamentary system
presidential
Definition
system
Unitary
Confederation
Federal
Democracy
Oligarchy
Autocratic