Economics Vocabulary Terms Question Preview (ID: 51577)


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

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)

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)

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

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

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

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

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

A person who starts up and takes on the risk of a business.
a) economy
b) entrepreneur
c)
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 government payment that supports a business or market.
a) subsidy
b) tariff
c) treaty
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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