Econ systems BarriersvocabRandom Blast from the past

Question: This system allows for buying and trading where the people choose what to buy/sell Check Your Answer Category 1 for 1

Answer: What is free market? Back to the Game Board Category 1 for 1 Score Board

Question: The system that has trading based on traditions and customs. Money is not used. Check Your Answer Category 1 for 2

Answer: What is traditional market? Back to the Game Board Category 1 for 2 Score Board

Question: This is the system where government controls what is sold/traded and sets the cost. Check Your Answer Category 1 for 3

Answer: What is command market? Back to the Game Board Category 1 for 3 Score Board

Question: This is the most common system used in most countries today. Check Your Answer Category 1 for 4

Answer: What is market economy? Back to the Game Board Category 1 for 4 Score Board

Question: This determines what type of economy a country has. Check Your Answer Category 1 for 5

Answer: What government involvement in decision making? Back to the Game Board Category 1 for 5 Score Board

Question: This is an obstacle that stops trade. Check Your Answer Category 2 for 1

Answer: What is trade barrier? Back to the Game Board Category 2 for 1 Score Board

Question: This barrier imposes a tax on imported goods. Check Your Answer Category 2 for 2

Answer: What is tariff? Back to the Game Board Category 2 for 2 Score Board

Question: This barrier stops trade between countries. Check Your Answer Category 2 for 3

Answer: What is embargo? Back to the Game Board Category 2 for 3 Score Board

Question: This barrier puts a limit on what is imported into a country. Check Your Answer Category 2 for 4

Answer: What is quota? Back to the Game Board Category 2 for 4 Score Board

Question: This is the term for when there is a shortage of a good. Check Your Answer Category 2 for 5

Answer: What is scarcity? Back to the Game Board Category 2 for 5 Score Board

Question: This is what is given up when making a choice. Check Your Answer Category 3 for 1

Answer: What is opportunity cost? Back to the Game Board Category 3 for 1 Score Board

Question: Name the 4 factors of production. Check Your Answer Category 3 for 2

Answer: What is capital resources, natural resources, labor resources, entrepreneur? Back to the Game Board Category 3 for 2 Score Board

Question: Goods such as machinery used in the production of a product. Check Your Answer Category 3 for 3

Answer: What is capital resources? Back to the Game Board Category 3 for 3 Score Board

Question: Capabilities of individuals to provide solutions to customers. Check Your Answer Category 3 for 4

Answer: What is human resources? Back to the Game Board Category 3 for 4 Score Board

Question: A person who organizes and assumes the risk for business. Check Your Answer Category 3 for 5

Answer: What is entrepreneur? Back to the Game Board Category 3 for 5 Score Board

Question: The social science that deals with the production, distribution, and consumption of goods and services. Check Your Answer Category 4 for 1

Answer: What is economics? Back to the Game Board Category 4 for 1 Score Board

The total market value of all the goods and services produced within the borders of a nation during a specified period. Check Your Answer Category 4 for 2

Answer: What is GDP? Back to the Game Board Category 4 for 2 Score Board

Question: Despite its economic success, Hong King has few of these. Check Your Answer Category 4 for 3

Answer: What are natural resources? Back to the Game Board Category 4 for 3 Score Board

Question: Where people have the most freedom, they also have this. Check Your Answer Category 4 for 4

Answer: What is higher standard of living? Back to the Game Board Category 4 for 4 Score Board

Question: Economists call the constant renewal of the economy this. Check Your Answer Category 4 for 5

Answer: What is creative destruction? Back to the Game Board Category 4 for 5 Score Board

Question: In this type of government, the central gov. possesses much authority and decision making power? (distribution of power) Check Your Answer Category 5 for 1

Answer: What is unitary? Back to the Game Board Category 5 for 1 Score Board

Question: In this government, (distribution of power) power is shared between central and state/local governments. Check Your Answer Category 5 for 2

Answer: What is federal? Back to the Game Board Category 5 for 2 Score Board

Question: In this government, states hold the most power. Check Your Answer Category 5 for 3

Answer: What is confederation? Back to the Game Board Category 5 for 3 Score Board

Question: Name the ocean closest to Antarctica. Check Your Answer Category 5for 4

Answer: What is South Ocean? Back to the Game Board Category 5 for 4 Score Board

Question: Name the ocean north of Europe. Check Your Answer Category 5 for 5

Answer: What is Arctic Ocean? Back to the Game Board Category 5 for 5 Score Board