Econ Vocab Review Question Preview (ID: 10273)


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________________________________ is the increase in value of goods and services over a year.
a) embargo
b) ecomonic growth
c) free trade
d) quota

The market system that is based on private ownership and individual decisions is also called ______________________________.
a) capitalism
b) communism
c) socialism
d) traditionalism

______________________ is the time, effort and talent that go into production.
a) capital goods
b) land
c) labor
d) natural resources

____________________________________ are “real resources” needed to produce goods.
a) capital goods
b) factors of production
c) land
d) labor

An economic system that is based on customs and cultural history is _______________________.
a) command
b) market
c) mixed
d) traditional

The government controls the economic system in a __________________________ economy.
a) command
b) market
c) mixed
d) traditional

______________________________ limits free trade between countries.
a) economic growth
b) factors of production
c) free trade
d) trade barriers

_____________________________ include factories and machines.
a) capital goods
b) human capital
c) labor
d) natural resources

A ______________________ is charged on goods or services brought in from another country.
a) embargo
b) factors of production
c) quota
d) tariff

______________ includes all resources found on or under the ground.
a) capital goods
b) land
c) labor
d) natural resources

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