Wright SS Economic Vocabulary Question Preview (ID: 17860)


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This economic system relies on hunting, farming, making your own clothing, and trading...
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

In this economic system, citizens decide what to buy and sell.
a) command
b) traditional
c) market
d) mixed

Most countries have a combination of 2 or more economic types. This is called a _______ economy.
a) traditonal
b) market
c) command
d) mixed

Cuba's government makes most economic decisions. It is a _________ economy.
a) mixed
b) market
c) traditional
d) command

Citizens and countries often focus on what they can produce most efficiently. This is called ______________.
a) tariff
b) quota
c) embargo
d) specialization

A special TAX placed on imported goods is a ___________.
a) tariff
b) embargo
c) quota
d) specialization

When a country forbids trade with another country it is called a ___________ .
a) tariff
b) embargo
c) quota
d) specialization

A restriction or limit on the number of goods that can be imported is called a __________.
a) specialization
b) quota
c) embargo
d) tariff

Another name for the money/cash we use is _____________ .
a) quota
b) tariff
c) currency
d) NAFTA

Receiving a good or service now and paying for it later is called ________.
a) tariff
b) credit
c) euro
d) GDP

A system of changing from one type of currency to another
a) exchange rate
b) peso
c) income
d) credit

Prices rising over time is __________.
a) GDP
b) saving
c) income
d) inflation

When a family grows only enough food to feed their members.
a) embargo
b) subsistence farming
c) entrpreneur
d) capital resources

The ability to read or write, _________, is the biggest factor in a country's GDP.
a) revenue
b) embargo
c) credit
d) literacy rate

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

Machines, technology, and all the man-made things used to run a business are called _________ ______.
a) capital resources
b) savings
c) euro
d) embargo

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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