Economics Vocabulary Quiz Terms#1-10

A system in which goods and services are exchanged instead of using cash as a payment in a traditional economy.

• traditional economy
• bartering
• currency exchange

A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy; a ban on trade.

• embargo
• quota
• tariff

Something that is used as a medium of exchange; money

• currency
• currency exchange
• bartering

A system of changing from one type of currency (money) to another.

• bartering
• exchange rate
• currency

A product that one country SELLS to another.

• import
• export

The knowledge and skills that make it possible for workers to earn a living producing goods and services; the value a person brings to the workplace.

• capital goods
• human capital
• entrepreneurship

The value of all the final goods and services produced within a nation in a given year.

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

The factories, machines, and technology that people use to make products to sell.

• capital goods
• human capital
• entrepreneurship

Creative, original thinkers who are willing to take risks to create new businesses and products.

• entrepreneurs
• human capital
• per capita gdp

An economy in which most of the economic decisions are made by government planning groups.

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