Economic Vocabulary Review Question Preview (ID: 38586)


Economic. TEACHERS: click here for quick copy question ID numbers.

Goods LEAVING a country.
a) exports
b) imports
c) trade barrier
d) embargo

The ability to read and write...
a) specialization
b) opportunity cost
c) literacy
d) traditional economy

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain...
a) human resources
b) Natural Resources
c) Capital resources
d) NAFTA

4) Signed in 1994 by the United States, Canada, and Mexico; eliminated tariffs between these countries.
a) Specialization
b) Market Economy
c) EU
d) NAFTA

Money used in a particular country to buy goods and services.
a) Currency
b) Trade barrier
c) Market Economy
d) Traditional Economy

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

Government order to stop trade with another country to put pressure on another country.
a) tariff
b) standard of living
c) Embargo
d) quota

Price of one nation's currency in terms of another nation's currency.
a) GDP
b) standard of living
c) mixed economy
d) exchange rate

Mountains, rivers, oceans, deserts...
a) Natural Resources
b) Natural trade barriers
c) capital resources
d) human resources

10) A group of 27 European countries united to improve trade, education, farming, and industry among the members.
a) NAFTA
b) human resources
c) EU
d) Traditional economy

11) The degree of wealth and material comfort available to a person or community.
a) standard of living
b) human resources
c) natural resources
d) entrepreneur

Economy that is based on customs and beliefs (farming, hunting).
a) specialization
b) market economy
c) command economy
d) traditional economy

13) One or more people who has an idea for a good or service, sets up a business, taking financial risks in hope of profit.
a) entrepreneur
b) human resources
c) capital resources
d) traditional resources

14) Economy that falls in between pure market and pure command (has some of both economies).
a) mixed economy
b) market economy
c) traditional eonomy
d) command economy

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