Economic Systems Vocabulary Question Preview (ID: 61573)


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A Country has the ability to produce more and better goods and services which leads to an improved standard of living. Their main economic goal is…
a) Economic Freedom
b) Economic Growth
c) Economic Security
d) Economic Stability

Government payment to encourage or protect a certain economic activity.
a) Standard
b) Subsidy
c) Quota
d) Tariffs

A minimum required quantity of a product.
a) Standard
b) Subsidy
c) Quota
d) Tariffs

A system where individuals can control production privately or by the government.
a) Capitalist Market Economy
b) Communist Command Economy
c) Socialist Mixed Economy
d) Traditional Economy

A system where the government determines what to make, sell and the prices.
a) Capitalist Market Economy
b) Communist Command Economy
c) Socialist Mixed Economy
d) Traditional Economy

A system where individuals own and control all means of production
a) Capitalist Market Economy
b) Communist Command Economy
c) Socialist Mixed Economy
d) Traditional Economy

A system that relies on customs, history, and time-honored beliefs.
a) Capitalist Market Economy
b) Communist Command Economy
c) Socialist Mixed Economy
d) Traditional Economy

A method a country uses for production and distribution and consumption.
a) Economic Growth
b) Economic Stability
c) Economic System
d) Economic Freedom

When an economy produces more and better goods and services.
a) Economic Equity
b) Economic Decline
c) Economic Stability
d) Economic Growth

A condition in which the goods and services people rely on are available when they want them.
a) Economic Stability
b) Economic Security
c) Economic Freedom
d) Economic Equity

Providing the less fortunate with support they need.
a) Economic Stability
b) Economic Security
c) Economic Freedom
d) Economic Equity

Seeking to give everyone their share of society's wealth.
a) Economic Freedom
b) Economic Efficiency
c) Economic Equity
d) Economic Stability

Making the most of society's resources.
a) Economic Freedom
b) Economic Efficiency
c) Economic Security
d) Economic Stability

Ability to make economic decisions without interference from the government.
a) Economic Freedom
b) Economic Efficiency
c) Economic Equity
d) Economic Security

Items that can be seen and touched.
a) Barter
b) Goods
c) Quota
d) Services

Actions provided by other people.
a) Barter
b) Goods
c) Quota
d) Services

Taxes on imported products.
a) Standard
b) Subsidy
c) Quota
d) Tariffs

A country wants to provide the less fortunate with the support they need to live decently. Their main economic goal is…
a) Economic Efficiency
b) Economic Equity
c) Economic Growth
d) Economic Security

A wants to make their own economic decisions without interference from the government. Their main economic goal is…
a) Economic Equity
b) Economic Freedom
c) Economic Security
d) Economic Stability

A country wants to make the most of its resources. Their main economic goal is…
a) Economic Efficiency
b) Economic Freedom
c) Economic Growth
d) Economic Security

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