ECON VOCAB REVIEW: Question Preview (ID: 32730)

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decisions are made by private citizens with no gov regulations
a) market b) traditional c) command d) mixed
someone who is willing to take a risk to start a business
a) entrepreneur b) human capital c) literacy rate d) capital
factories machines and technology available in a country
a) capital goods b) human capital c) literacy rate d) specialization
producing those goods that a country can make most easily so they can trade for goods by others
a) specialization b) market c) command economy d) quota
a ban on trading with a particular country for economic or political reasons
a) embargo b) quota c) tariff d) gdp
limit on imported goods
a) quota b) tariff c) embargo d) gdp
ability of people 15 or older to read and write
a) literacy rate b) standard of living c) gdp d) natural resources
policies that limit the ability of a country to trade
a) trade barriers b) gdp c) natural resources d) politicians
gifts of nature
a) natural resources b) gdp c) literacy rate d) capital goods
decisions based on custom and beliefs
a) traditional b) command c) market d) mixed
tax on imports
a) tariff b) quota c) embargo d) trade barriers
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