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Economics Vocabulary

Authored by Danielle Wentworth

Other

6th - 7th Grade

Used 39+ times

Economics Vocabulary
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The way in which a nation uses its resources to satisfy people’s needs and wants.

Economics System
Scarcity
Traditional System
Market System

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic problem of having unlimited human wants in a world of limited resources.

Economy
Scarcity
Human Capital
Entrepreneur

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system is which social roles and culture determine how goods are made, sold, and bought.

Traditional Economy
Market Economy
Mixed Economy
Command Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system based on individual choices and voluntary trade.

Traditional Economy
Market Economy
Mixed Economy
Command Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system is which the government owns some or all of the factors of production.

Traditional Economy
Market Economy
Mixed Economy
Command Economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy that has features of more than one of the economic systems.   

Traditional Economy
Market Economy
Mixed Economy
Command Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any law or practice that a government uses to limit free trade between countries

Free trade
Taxation
Trade barrier
Open borders

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