Economic 202 And 303 Terms Question Preview (ID: 28790)


Economic Terms From GA Standards. TEACHERS: click here for quick copy question ID numbers.

A limit placed on the number of imports that may enter a country
a) embargo
b) quota
c) tariff
d) currency

A government order stopping trade with another country to put pressure on the government of that country
a) embargo
b) quota
c) tariff
d) GDP

A tax on imports
a) embargo
b) quota
c) tariff
d) physical capital

The division of labor; work is divided into parts for workers, factories, or countries to become experts at producing certain goods
a) human capital
b) entrepreneur
c) embargo
d) specialization

One who risks his or her own money, time, ideas, and energy to start and run a business
a) entrepreneur
b) specialization
c) natural resources
d) currency

Factories, machines, technologies, buildings, and property needed for a business to operate
a) human capital
b) physical capital
c) investment capital
d) natural resources

Workers of a business or country including their education, training, skills, and health
a) human capital
b) physical capital
c) investment capital
d) natural resources

The total value of all the goods and services produced in a country in one year
a) natural resources
b) specialization
c) entrepreneur
d) GDP - gross domestic product

Money used in a particular country to buy goods and services
a) specialization
b) entrepreneur
c) currency
d) natural resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
a) human capital
b) natural resources
c) currency
d) GDP

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