Economics Vocabulary Terms Question Preview (ID: 51577)


Vocabulary Practice. TEACHERS: click here for quick copy question ID numbers.

A government payment that supports a business or market.
a) subsidy
b) tariff
c) treaty
d)

A limit placed on the amount of something.
a) quota
b) sanctions
c)
d)

Restrictions of bans placed on countries so that they will change their behavior.
a) quota
b) sanctions
c)
d)

A person who starts up and takes on the risk of a business.
a) economy
b) entrepreneur
c)
d)

Is the way goods and services are produced and consumed.
a) economy
b) entrepreneur
c)
d)

An action that someone performs in return for money (example - haircut).
a) good
b) service
c)
d)

A physical object that someone produces and someone else buys.
a) good
b) service
c)
d)

A trade product that is brought into a country.
a) import
b) export
c)
d)

A trade product sent to another country.
a) import
b) export
c)
d)

The government decides what will be produced, how much will be produced, and how much goods and services will cost.
a) market economy
b) command economy
c)
d)

Producers are free to decide what to produce, and consumers are free to buy whatever they need and want.
a) market economy
b) command economy
c)
d)

A tax on imported goods.
a) subsidy
b) tariff
c) treaty
d)

A formal agreement between two or more countries.
a) subsidy
b) tariff
c) treaty
d)

taxes = Money paid to the government by people and businesses.
a) true
b) false
c)
d)

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