All countries have economies that are found on a continuum between pure command and pure market. Draw an economic continuum: Specialization: encourages between countries Barriers: tariff: tax placed on imports ( quota: Limit placed on imports embargo Limit placed on trade In order for international trade to be successful: a system of exchanging currencies (money) must be in place known as a currency –also exchange Human Capital: money spent to train and educate workers on how to use new technology When countries invest in capital,” the GDP will rapidly increase “human When countries do not invest in the GDP will not rapidly increase “________________,” Create a visual explaining your understanding of relationship between capital and GDP: Capital
All countries have economies that are found on a continuum between pure command and pure market. Draw an economic continuum: Specialization: encourages between countries Barriers: tariff: tax placed on imports ( quota: Limit placed on imports embargo Limit placed on trade In order for international trade to be successful: a system of exchanging currencies (money) must be in place –also known as a currency exchange Human Capital: money spent to train and educate workers on how to use new technology When countries invest in “human capital,” the GDP will rapidly increase When countries do not invest in “________________,” the GDP will not rapidly increase Create a visual explaining your understanding of relationship between capital and GDP: Capital
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