ME Economics Vocab Review: Question Preview (ID: 27240)


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The government controls what to make, how many to make, how to make it, and sets the price. Decisions are made by government planners.
a) Command
b) Mixed
c) Market
d) Traditional

A combination of government control (to protect consumers) and individual control (to increase money). Most economies in the world are this type of system.
a) Command
b) Mixed
c) Market
d) Traditional

The individual decides what to make, how many to make, how to make it, and sets the price.
a) Command
b) Mixed
c) Market
d) Traditional

Based on customs from the past, this economic system involves trading goods for services.
a) Command
b) Mixed
c) Market
d) Traditional

Another word for money
a) Currency
b) Embargo
c) Natural Resources
d) Specialization

System to change from one type of currency to another. Important for trade between countries.
a) Currency
b) Exchange Rate
c) Entrepreneur
d) Tariff

Total value of all the goods and services a country produces in a year.
a) Standard of Living
b) Currency
c) Gross Domestic Product
d) Quota

Raw materials such as land, water, forests, soil, minerals, oil, and natural gas.
a) Gross Domestic Product
b) Standard of Living
c) Specialization
d) Natural Resources

An individual willing to take a risk in order to create a new product or service.
a) Embargo
b) Entrepreneur
c) Specialization
d) Trade barrier

An indicator of the quality of life in a country. It includes life expectancy, GDP, literacy rate, etc…
a) Gross Domestic Product
b) Literacy Rate
c) Specialization
d) Standard of Living

Producing the goods or services that a country makes best.
a) Specialization
b) Currency
c) Natural Resources
d) Quota

Anything that slows down or stops one country from trading with another.
a) Natural Resources
b) Currency
c) Entrepreneur
d) Trade Barrier

A tax placed on goods from another country.
a) Tariff
b) Quota
c) Embargo
d) Entrepreneur

A specific amount or limit of goods that can be imported.
a) Tariff
b) Embargo
c) Quota
d) Entrepreneur

When one country stops trading with another country.
a) Tariff
b) Embargo
c) Quota
d) Currency

Investing in training, education, and job training for the workforce.
a) Capital Goods
b) Human Capital
c) Currency
d) Specialization

Investing in things such as factories, equipment, computer systems, vehicles, and technology
a) Capital Goods
b) Human Capital
c) Currency
d) Specialization

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