Economic Vocabulary Review

Front

The total value of goods produced and services provided in a country during one year.

Back

Gross Domestic Product

Front

An economy in which production, investment, prices, and incomes are determined centrally by a government.

Back

Command Economy

Front

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

Back

Market

Front

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

Back

Mixed economy

Front

What is a tariff?

Back

A tax on imports

Front

What is an embargo?

Back

A halt to trade

Front

What is a quota?

Back

A limit on imports

Front

Why do countries need an exchange rate?

Back

to trade with each other

Front

What is specialization?

Back

when a country focuses on producing the goods it can make efficiently, and then trades to get other goods

Front

Only 300,000 barrels of Venezuelan oil are allowed to be imported to Israel each year. This is an example of which type of trade barrier?

Back

Quota