Unit 4 Economic Terms Question Preview (ID: 44070)
GSE 6th Grade SS Economic Standards.
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This one of the measures of national income and output for a given country's economy and is defined as the total market value of all final goods and services produced within the country in a calendar year.
a) Gross Domestic Product (GDP)
b) Gross Domestic Product Per Capita
c) Gross National Product (GNP)
d) Gross National Product Per Capita
The total value of all the goods and services produced within a country in a given year
a) Gross Domestic Product (GDP)
b) Gross Domestic Product Per Capita
c) Gross National Product
d) Gross National Product Per Capita
This is equipment and factories used in the production of goods and services.
a) Human Capital
b) Natural Resources
c) Capital goods
d) Entreprenuerial Resources
What are land, labor, capital, and entrepreneurship
a) Factors of GDP
b) Factors of GNP
c) Factors of Capital
d) Factors of production
These are use materials that are found on or in the earth and are used in the production of goods and services.
a) Natural Resources
b) Human Resources
c) Capital Resources
d) Entrepreneurial Resources
A nation's workforce; the education and skills of its people is called;
a) Human Resources
b) Capital Resources
c) Entrepreneurial Resources
d) Natural Resources
This is the name for a category of trade barriers that a country may impose on another country or countries.
a) Subsidy
b) Boycott
c) Sanctions
d) Tariff
This is financial assistance from the government to encourage the production of or the purchase of a good.
a) Sanction
b) Subsidy
c) Welfare
d) Social Security
This is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
a) Quota
b) Embargo
c) Subsidy
d) Sanction
his is the process of prohibiting commerce and trade with another country. This is often done to affect the country to change an internal policy.
a) Sanction
b) Subsidy
c) Embargo
d) Quota
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