Economics Terms

Economics Terms

Assessment

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History

6th - 8th Grade

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28 questions

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1.

FLASHCARD QUESTION

Front

The rights of human beings to transfer possessions, including themselves.

Back

Property Rights

2.

FLASHCARD QUESTION

Front

The limit on the goods or services imported into a country.

Back

Quotas

3.

FLASHCARD QUESTION

Front

The situation where unlimited wants exceed the limited resources available.

Back

Scarcity

4.

FLASHCARD QUESTION

Front

A benefit given to a group of people or individuals by the government, usually in the form of cash or tax reductions.

Back

Subsidies

5.

FLASHCARD QUESTION

Front

The amount of goods or services that producers can sell at every price during a given period.

Back

Supply

6.

FLASHCARD QUESTION

Front

A tax on imported goods or services.

Back

Tariff

7.

FLASHCARD QUESTION

Front

A compulsory payment to the government by households and businesses.

Back

Taxes

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