Economic Terms Review

An economic system in which social roles and culture determine how goods are made, sold, and bought. A. Mixed B. Market C. Traditional D. Command

The exchange of goods and services between countries A. Exchange Rate B. International Trade C. Human Capital D. Capital Goods

An economic system in which government decides which goods will be produced, how they will be produced, and how they will be distributed A. Command B. Mixed C. Market D. Traditional

The market value of final goods and services that a country produces in a year A. Per Capita GDP B. GDP C. Exchange Rate D. International Trade

An economic system based on individual choices and voluntary trade A An economic system based on individual choices and voluntary trade A. Mixed B. Market C. Command D. Traditional

The amount of one currency that can be purchased for a given unit of another A. Exchange Rate B. International Trade C. Trade Barrier D. Natural Resources

An economic system that has features of traditional, command, and market economic systems. A. Market B. Mixed C. Traditional D. Command

The knowledge and skills that allow workers to produce goods and services and earn an income A. Capital Goods B. Human Capital C. International Trade D. Exchange Rate

Raw materials that are used to support life and make goods A Raw materials that are used to support life and make goods A. Natural Resources B. Exchange Rate C. International trade D. Specialization

Resources such as factories, machinery, and tools that people use to make other goods A. Human Capital B. GDP C. Capital Goods D. Entrepreneur

Someone who brings together land, labor, and capital goods to produce goods and services A. Human Capital B. Trade Barrier C. Entrepreneur D. Quota

Type of trade barrier in which a government places restrictions on the import or export of certain goods A. Tariff B. Quota C. Trade Barrier D. Embargo

Any law or practice that government uses to limit free trade between countries A. Embargo B. Trade Barrier C. Quota D. Tariff

A tax charged for goods or services brought into a state or country from another state or country A. Tariff B. Quota C. Specialization D. Embargo

When people and nations depend on one another to provide the goods and services that they want A. Specialization B. Entrepreneur C. Consumer D. Producer

A limit on the amount of a product that may be imported during a given period of time A. Quota B. Embargo C. Tariff D. Trade