Wright SS Economic Vocabulary Question Preview (ID: 17860)


Wright Ss. TEACHERS: click here for quick copy question ID numbers.

Machines, technology, and all the man-made things used to run a business are called _________ ______.
a) capital resources
b) savings
c) euro
d) embargo

The total value of all goods and services for the year in a country is called its _______.
a) credit
b) euro
c) GDP (gross domestic product)
d) inflation

The ability to read or write, _________, is the biggest factor in a country's GDP.
a) revenue
b) embargo
c) credit
d) literacy rate

When a family grows only enough food to feed their members.
a) embargo
b) subsistence farming
c) entrpreneur
d) capital resources

Prices rising over time is __________.
a) GDP
b) saving
c) income
d) inflation

A system of changing from one type of currency to another
a) exchange rate
b) peso
c) income
d) credit

Receiving a good or service now and paying for it later is called ________.
a) tariff
b) credit
c) euro
d) GDP

Another name for the money/cash we use is _____________ .
a) quota
b) tariff
c) currency
d) NAFTA

A restriction or limit on the number of goods that can be imported is called a __________.
a) specialization
b) quota
c) embargo
d) tariff

When a country forbids trade with another country it is called a ___________ .
a) tariff
b) embargo
c) quota
d) specialization

A special TAX placed on imported goods is a ___________.
a) tariff
b) embargo
c) quota
d) specialization

Citizens and countries often focus on what they can produce most efficiently. This is called ______________.
a) tariff
b) quota
c) embargo
d) specialization

Cuba's government makes most economic decisions. It is a _________ economy.
a) mixed
b) market
c) traditional
d) command

Most countries have a combination of 2 or more economic types. This is called a _______ economy.
a) traditonal
b) market
c) command
d) mixed

In this economic system, citizens decide what to buy and sell.
a) command
b) traditional
c) market
d) mixed

In which economic system does the government decide what is produced and how it is produced.
a) command
b) traditional
c) market
d) mixed

This economic system relies on hunting, farming, making your own clothing, and trading...
a) command
b) traditional
c) market
d) mixed

The work (labor) of people using their hands, ideas, education, etc... is called ___________.
a) human resources
b) capital resources
c) inflation
d) GDP

Being really good at doing a certain thing is called ______________.
a) income
b) specialization
c) tariff
d) natural resource

Someone who risks time and money to start a business is an ______________.
a) entrepreneur
b) currency
c) natural resource
d) quota

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