Unit 1 Economics Vocabulary Terms Question Preview (ID: 38193)


Vocabulary Terms. TEACHERS: click here for quick copy question ID numbers.

Type of economy controlled by the government.
a) Market
b) Command
c) Mixed
d) Traditional

One country refuses to trade with another.
a) Domino theory
b) Embargo
c) Tariff
d) Quota

Management of money and resources
a) Embargo
b) Environment
c) Economy
d) Diversity

Type of economy based on what people want to buy and sell
a) Traditional
b) Market
c) Mixed
d) Command

Type of economy that combines market and command
a) Market
b) Traditional
c) Command
d) Mixed

Limits the number of items that are imported into a country
a) Imports
b) Tariff
c) Quota
d) Embargo

When a country is good at making one or two things very well
a) Specialization
b) Diversity
c) Quota
d) Trade Barriers

A tax placed on goods that are imported into a country
a) Tariff
b) Quota
c) Embargo
d) Credit

Exchanging one item such as currency for another item
a) Trade
b) Quota
c) Embargo
d) Trade Barrier

Restrictions on buying and selling goods between countries
a) Trade Barrier
b) Market
c) Economy
d) Corrupt

Type of economy based on traditions and customs; bartering is used
a) Command
b) Democratic
c) Mixed
d) Traditional

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