Economics 7th grade SS Guided Review

LEARN: Trade Barriers act as a way to reduce the influence imports have on a country's economy. NOW ANSWER: What type of trade barrier establishes a limited amount of imports?

LEARN: The level of living at or below the ability to survive is called subsistence. NOW ANSWER: Which of these include the three basic economic questions?

LEARN: A tax on goods coming into a country (imports) is called a tariff. NOW ANSWER: What is a trade barrier that sets a limit on the number of imports of a certain product?

LEARN: A company or nation that specializes is focusing its efforts on one product. NOW ANSWER: What type of economy has people producing the same things in the same way as the generations before?

LEARN: Human Capital is improved when there is an investment for trainging and educating the employees. NOW ANSWER: What is the term used to describe barely making a living (struggling to survive)?

LEARN: Investment Capital describes the process of spending money to buy new or repair equipment so that producation improves. NOW ANSWER: What is it called when a country stops all trade with another country for the purpose of punishing it?

LEARN: The three basic economic questions are: What to produce, How to produce, and for whom to produce. NOW ANSWER: What trade barrier increases a products price due to placing a tax on the imported item?

LEARN: Countries sometimes use a method of punishing a country called Embargo because it stops all trade. NOW ANSWER: When a company buys a new factory, repairs equipment, updates machinery, etc. it is called?

Match it! Select the correct answer from the pull down...Good luck!