Unit 1.4 | Basic Economic Terms Review

Front

The inability of a country to provide every good or service that its citizens need and want is known as...

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scarcity.

Front

An economic system in which people live in small groups and do not use money, but instead make what they need to survive and trade/barter for goods and services is known as a...

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traditional economy.

Front

An economic system in which the government has control over what, how, and for whom goods and services are produced is known as a...

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command economy.

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An economic system in which entrepreneurs, businesses, and companies decide what, how, and for whom goods and services are produced based on supply and demand is known as a...

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market economy.

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An economic system in which entrepreneurs, businesses, companies, and the government share responsibility in deciding what, how, and for whom goods and services are produced is known as a...

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mixed economy.

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The scale that measures mixed economies based on the percentage of market or command jobs found in their economy is known as the...

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economic continuum.

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The amount of wealth, comfort, material possessions, and overall quality of life is known as...

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standard of living.

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An average income for citizens in a country's economy determined by dividing the country's population from its total GDP is known as...

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GDP per capita.

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An percentage of citizens able to adequately read, write, and do basic math by age 15 is known as...

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literacy rate.

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Raw materials taken from the earth to be used, traded, or sold in an economy are known as...

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natural resources.