Wright SS Economic Vocabulary: Question Preview (ID: 17860)

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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
Someone who risks time and money to start a business is an ______________.
a) entrepreneur b) currency c) natural resource d) quota
Being really good at doing a certain thing is called ______________.
a) income b) specialization c) tariff d) natural resource
The work (labor) of people using their hands, ideas, education, etc... is called ___________.
a) human resources b) capital resources c) inflation d) GDP
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