Test:VobabularyUnitThree

What is the definition of exports?

• A type of trade barrier that places a limit on the amount of a good that can be imported into a country.
• Goods that a country sends out.
• Government policy to limit trade with another country.
• Goods that come into a country.

What is the definition of economics?

• People’s knowledge, efforts, and skills used in their work.
• When the economy of a country shows characteristics of both command and market economies.
• Studies the choices of people trying to satisfy their wants in a world of scarcity.
• A type of trade barrier that forbids trade with another country.

What is the correct term for this definition?
The way a society answers WHAT goods will be produced, HOW will the goods be produced, and FOR whom will the goods be produced.

• Economic System
• Human Resources
• Mixed Economy
• Scarcity

What is the definition of human resources?

• Economic questions of what, how, and for whom to produce are based on customs and beliefs.
• When one country can produce a good or service at a lower opportunity cost than another country.
• A method by which Money from one country is converted into the currency of another country to buy goods and services in that country.
• People’s knowledge, efforts, and skills used in their work.

True or False: The correct definition of Entrepreneurial Resources is: Recognize the need for new goods or service

• True
• False

True or False: The correct definition of Mixed economy is: A type of trade barrier that forbids trade with another country.

• True
• False

True or False: The correct term for this definition is: Scarcity
Definition: Shortage of resources.

• True
• False

True or False: The correct terms for this definition is: Standard of Living.
Definition: A level of material comfort as measured by the goods, services, & luxuries to an individual, group, or nation.

• True
• False

True or False: The correct definition of Market Economy is: When individuals or groups have an idea for a good or service and take the risk to produce it.

• True
• False

What is the definition of a Traditional Economy? 

• Economic questions of what, how, and for whom to produce are based on customs and beliefs.
• The number of people in an area that can read and write.
• The factories, machinery, and technology used to produce goods and services.
• Type of trade barrier that places a tax on imported goods.