Econ Vocab Review 2 Question Preview (ID: 10274)


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A _________________________ system allows for competition between business owners without government control.
a) communism
b) free enterprise
c) socialism
d) traditional

A _____________________ economy is based on individual choice and voluntary trade.
a) command
b) market
c) mixed
d) traditional

An _____________________________ is a type of trade barrier that is backed by military force.
a) embargo
b) quota
c) tariff
d) trade barrier

An ______________________________ is a person who produces goods and services.
a) capitalist
b) entrepreneur
c) socialist
d) traditionalist

A ___________________________ is a limit on how much of a product may be imported or produced.
a) embargo
b) quota
c) tariff
d) trade barrier

_______________________________ is a type of command economy with one-party rule and ownership of resources and decision making power.
a) communism
b) free enterprise
c) socialism
d) traditionalism

________________________________ are the raw materials used to make goods.
a) capital goods
b) human capital
c) land
d) natural resources

A ___________________ economy is influenced by traditional, command and market economic systems.
a) command
b) market
c) mixed
d) traditional

The exchange of goods without tariffs or quotas is ______________________________.
a) capitalism
b) economic growth
c) free trade
d) mixed

_________________________________ is the knowledge and skills that workers bring to their job.
a) capital goods
b) human capital
c) labor
d) natural resources

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