Economics Vocab Review Question Preview (ID: 27240)
Vocabulary Review.
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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 so they can sell them to get money for what they need.
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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