Notes

Question 0

What is the vocabulary word for this definition ; an international organization whose aim is cooperation in international law, international security, economic development, human rights, social progress and achieving world peace.

Answer 0

United Nations

Question 1

What is European Union ?

Answer 1

a political and economic union of many European countries. With a central bank and common economic system (the euro), a primary purpose is to form a single economic power to compete with the US, Japan, China, etc.

Question 2

Traditional Economy is ..

Answer 2

Goods are traded without exchanging money (also known as bartering)

Question 3

Communism. Production is determined by a central government ; What vocab word will fit this definition ?

Answer 3

Command Economy

Question 4

What is Market Economy ?

Answer 4

Free Enterprise Production is determined by the demand from consumers

Question 5

Mixed Economy ?

Answer 5

Socialism Mix of command and market economies

Question 6

Define Primary .

Answer 6

raw materials ex. Timber, subsistence farming