Economics Vocabulary Review

Front

In Aria's village, most of the economic decisions are made based on customs and the habit of how such decisions were made in the past.

Back

Traditional Economy

Front

In the country of Econland, government planning groups make most of the basic economic decisions.

Back

Command Economy

Front

Oliver is studying different types of economies in his economics class. He learns about one in which society's economic decisions are made by individuals. Which type of economy is this?

Back

Market Economy

Front

What type of economy is located on a continuum between a pure market and a pure command economy?

Back

Mixed Economy

Front

Ava and Samuel are planning to exchange goods. Both parties in the transaction voluntarily see that they will be able to gain something from the exchange; ideally there is no government restriction or regulation, either between individuals or countries.

Back

Trade

Front

When a country like Japan makes a product or service best and it is in demand on the world market.

Back

Specialization

Front

What slows down or prevents the exchange of goods between countries? Options: Laborer, Trade barriers, Resources

Back

Trade barriers

Front

What is a tax placed on goods when they are imported?

Back

Tariff

Front

What is the process called where goods are made and services performed?

Back

Production

Front

Elijah is managing a small business and can only import a specific amount of certain items during a specified period of time. What is this restriction called?

Back

Quota