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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