Economic Terms Question Preview (ID: 27038)


Econ. Words. TEACHERS: click here for quick copy question ID numbers.

goods
a) product bought with money
b) tax on a product
c) a person who works
d) DIFFERENCE OF VALUE BETWEEN IMPORTS AND EXPORTS IN TRADE

Currency
a) money in any form that is accepted as a medium of exchange, but especially paper money
b) the percentage of people who can read in a certain country
c) used to describe conflict between people’s desires and limited amount of resources
d) a place or situation where money from different countries is bought and sold for a price

income
a) money earned from working at a job
b) block trades with a physical feature
c) taxes on goods
d) goods bought within your own country

COMMAND ECONOMY
a) A ECONOMY CONTROLLED ALL BY GOV.
b) ECONOMY THAT ONLY USES CREDIT CARDS
c) ECONOMY BASED OF TRADE AND BARTER
d) A LIMIT ON AMOUNT OF PRODUCT THAT MAY BE IMPORTED IN A SET PERIOD

TRADITIONAL ECONOMY
a) ECONOMY BASED OF TRADE AND BARTER AND ROUTINES
b) A ECONOMY CONTROLLED ALL BY GOV.
c) ECONOMY THAT ONLY USES CREDIT CARDS
d) TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT

trade
a) a want and a need but a low or high number of items to choose from
b) another word for money
c) another word for raw materials
d) getting an item for another item

TARIFF
a) A TAX OR FEE ON ALL TRADED GOODS
b) NO TAXES ON ANY TRADED GOODS
c) A WALL SET UP TO BLOCK TRADE
d) TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT

profit
a) MAKING MONEY AND EARNING MORE THAN YOU SPENT
b) GOODS BEING SENT OUT OF COUNTRY
c) A TAX ON ALL TRADED GOODS
d) NO TAXES ON ANY TRADED GOODS

UNEMPLOYMENT
a) NOT HAVING A JOB AND NOT EARNING AN INCOME
b) NO TAXES ON ANY TRADED GOODS
c) TRADE BARRIER IN WHICH GOV. PLACES RESTRICTIONS ON IMPORT AND EXPORT
d) A TAX OR FEE ON ALL TRADED GOODS

Entrepreneur
a) used to describe conflict between people’s desires and limited amount of resources
b) someone who brings together labor, land and capital goods to produce goods and services
c) a person who trades
d) A person who buys good and services

Scarcity
a) someone who brings together labor, land and capital goods to produce goods and services
b) used to describe conflict between people’s desires and limited amount of resources
c) a person who trades
d) a place or situation where money from different countries is bought and sold for a price

domestic
a) goods and money that stay in your country
b) use of income today in a way that allows growth in the future
c) the level at which someone is able to take care of themselves and provide for themselves
d) a place or situation where money from different countries is bought and sold for a price

Globalization
a) goods that are traded to all other countries
b) workers with greater knowledge and skills are more productive
c) someone who brings together labor, land and capital goods to produce goods and services
d) Resources such as factories, machines, and tools that people us to make other goods

service
a) taxes
b) money earned
c) paying for job, like a hair cut or lawn service
d) products bought

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