Economics Vocabulary Quiz Terms #11-20

An economy in which most of the economic decisions are based on customs and habits of the past.

• traditional economy
• command economy
• market economy
• mixed economy

An economy in which a society's economic decisions are made by individuals who decide what to produce and what to buy.

• traditional economy
• command economy
• market economy
• mixed economy

An economy that has characteristics of both market and command economic systems

• traditional economy
• command economy
• market economy
• mixed economy

Those products a country makes best and that are in demand on the world market.

• capital goods

• specialization

• natural resources

Anything that slows down or prevents one country from exchanging goods with another.

• trade barriers
• entrepreneurs
• bartering

A tax placed on goods when they imported into one country from another country.

• tariff
• quota
• embargo

A way of limiting the amount of foreign goods that can come into a country.

• tariff
• quota
• embargo

A product that one country BUYS from another.

• import
• export

The amount of goods and services produced compared to the number of people.

• Gross National Product
• GDP per capita
• protective tariff
• Gross Domestic Product

A tax placed on goods coming from another country which encourages citizens to buy goods from their own country.

• export
• embargo
• quota
• protective tariff