LEARN: A Traditional Economy is based on producing the same product (crop) as your ancestors have from generation to generation. NOW ANSWER: When a company or nation focuses on producing one product.

LEARN: A company or nation that specializes is focusing its efforts on one product. NOW ANSWER: What type of economy has people producing the same things in the same way as the generations before?

LEARN: Countries sometimes use a method of punishing a country called Embargo because it stops all trade. NOW ANSWER: When a company buys a new factory, repairs equipment, updates machinery, etc. it is called?

LEARN: Investment Capital describes the process of spending money to buy new or repair equipment so that producation improves. NOW ANSWER: What is it called when a country stops all trade with another country for the purpose of punishing it?

LEARN: Trade Barriers act as a way to reduce the influence imports have on a country's economy. NOW ANSWER: What type of trade barrier establishes a limited amount of imports?

LEARN: A Quota establishes a limited amount of imports into a country. NOW ANSWER: Methods used to reduce the role of foreign imports on a country's economy is called?

LEARN: A tax on goods coming into a country (imports) is called a tariff. NOW ANSWER: What is a trade barrier that sets a limit on the number of imports of a certain product?

LEARN: The three basic economic questions are: What to produce, How to produce, and for whom to produce. NOW ANSWER: What trade barrier increases a products price due to placing a tax on the imported item?

LEARN: The level of living at or below the ability to survive is called subsistence. NOW ANSWER: Which of these include the three basic economic questions?

LEARN: Human Capital is improved when there is an investment for trainging and educating the employees. NOW ANSWER: What is the term used to describe barely making a living (struggling to survive)?

LEARN: A Market Economy is where Supply and Demand and the businesses and the public all combine to determine prices of products. NOW ANSWER: What is improved by sending employees to further training for their job?

LEARN: A Command Economy has most of the economic decisions decided by people in the government. NOW ANSWER: What type of economy has prices determined by the people involved in buying and selling?

LEARN: A person who takes a risk and invests his time, money, and effort towards a new business is called an Entrepreneur. NOW ANSWER: The government decides the answers to the 3 Basic Economic Questions inside which economy?

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