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Econ Vocab Review
Test Description: Review your econ vocabulary with one of the games below.
Instructions: Answer all questions to get your test result.
1) An economic system that is based on customs and cultural history is _______________________.
A
market
B
command
C
mixed
D
traditional
2) ____________________________________ are “real resources” needed to produce goods.
A
factors of production
B
labor
C
capital goods
D
land
3) ______________________ is the time, effort and talent that go into production.
A
labor
B
natural resources
C
capital goods
D
land
4) The market system that is based on private ownership and individual decisions is also called ______________________________.
A
socialism
B
communism
C
traditionalism
D
capitalism
5) ________________________________ is the increase in value of goods and services over a year.
A
embargo
B
free trade
C
ecomonic growth
D
quota
6) ______________ includes all resources found on or under the ground.
A
land
B
labor
C
capital goods
D
natural resources
7) A ______________________ is charged on goods or services brought in from another country.
A
factors of production
B
embargo
C
quota
D
tariff
8) _____________________________ include factories and machines.
A
capital goods
B
human capital
C
labor
D
natural resources
9) ______________________________ limits free trade between countries.
A
free trade
B
economic growth
C
factors of production
D
trade barriers
10) The government controls the economic system in a __________________________ economy.
A
command
B
traditional
C
market
D
mixed
*select an answer for all questions
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