Economic Vocabulary Terms: Question Preview (ID: 24660)


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How well citizens live based on good public services, education, health, and good jobs
a) specialization
b) standard of living
c) literacy rate
d) opportunity cost

The value of all goods and services produced in a country in one year
a) capital gooods
b) GDP (Gross Domestic Product)
c) human capital
d) literacy rate

The percentage of people who can read and write
a) exchange rate
b) standard of living
c) GDP
d) literacy rate

How much one currency is worth in terms of another
a) currency
b) Stock Market
c) exchange rate
d) literacy rate

Gifts from nature
a) entrepreneurs
b) natural resources
c) human capital
d) capital goods

People who perform labor
a) human capital
b) natural resources
c) entrepreneurs
d) capital goods

People control based on supply and demand
a) market
b) command
c) mixed
d) traditional

Items that people need to perform their jobs
a) human capital
b) Capital goods
c) entrepreneurs
d) natural resources

Government control
a) market
b) command
c) mixed
d) traditional

Mixture of pure Command and pure Market
a) mixed
b) command
c) market
d) traditional

Produce what they need to survive (hunting, farming, or gathering)
a) market
b) command
c) traditional
d) mixed

People with new ideas who are willing to take risks to start a business or make a product
a) human capital
b) stock broler
c) entrepreneurs
d) capital goods

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