Economics Vocabulary Unit

Economics Vocabulary Unit

Assessment

Flashcard

Social Studies

6th - 7th Grade

Practice Problem

Hard

Created by

Wayground Content

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22 questions

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1.

FLASHCARD QUESTION

Front

A country that has aspects of a market economy plus a command economy is called a ___________.

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Back

Mixed Economy

2.

FLASHCARD QUESTION

Front

In which economic system are entrepreneurs MOST likely to exist? Options: Command Economy, Market Economy, Traditional Economy, Communist Economy

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Back

Market Economy

3.

FLASHCARD QUESTION

Front

What are the advantages and disadvantages of a command economy?

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Back

The government provides for basic needs, but choice is limited.

4.

FLASHCARD QUESTION

Front

The diagram shows an economic continuum. Which letter on the continuum represents where a Pure Market economy would most likely be located?

<-----A------B------------------------------C---------------------------------D-->
Total Government No Government
Control Control

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Back

D

5.

FLASHCARD QUESTION

Front

Why is it important for a country to invest in human capital?

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Back

Countries that invest in the education and training of their people usually have a higher GDP.

6.

FLASHCARD QUESTION

Front

Which is an example of a quota?

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Back

China allows only 345,000 Ford Mustangs into their country each year.

7.

FLASHCARD QUESTION

Front

Which is an example of an embargo?

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Back

China refuses to buy Ford Mustangs from the USA.

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