Economics Vocabulary

Economics Vocabulary

Assessment

Flashcard

History

6th Grade

Easy

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20 questions

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1.

FLASHCARD QUESTION

Front

An economic system that is based on culture, tradition and rituals.

Back

traditional economy

2.

FLASHCARD QUESTION

Front

Total value of goods and services produced in a country in a year

Back

GDP

3.

FLASHCARD QUESTION

Front

the state of being in short supply

Back

scarcity

4.

FLASHCARD QUESTION

Front

The percentage of a country's population over the age of 15 that can read or write

Back

literacy rate

5.

FLASHCARD QUESTION

Front

A person who comes up with a product or service, or a better way to produce one.

Back

entrepreneur

6.

FLASHCARD QUESTION

Front

An economic system that relies on the government to make all economic decisions

Back

command economy

7.

FLASHCARD QUESTION

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

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