Economics Terms, E.1-E.3

A tariff is when a _______ is put on an imported good...

• Tax
• Limit
• Block
• Quota

A block or restriction on trade with another country is called...

• Tariff
• Embargo
• Quota

A country might place a limit or __________ on another country to weaken their economy.

• Embargo
• Tariff
• Quota
• Free-Trade

Free trade means what?

• the countries use the same currency
• No trade barriers
• there is a quota on some goods
• trade is quick and easy

When one company or country depends on or relies on another, this is called?

• Import 
• Specialization
• Interdependent
• Export

A focus on developing only certain skills or producing only certain goods/services that they do best; this is called what?

• Imports
• Exports
• Specialization
• Globalization

A term for a unit of money is called what?

• credit cards
• taxes
• tariff
• currency

The currency used by people in Europe is called the EU while we used the American dollar. What is it called when currency must be changed from one form to another?

• currency exchange
• free-trade
• specialization
• trade barrier

What type of economic system allows government AND private businesses to make economic decisions?

• Market
• Mixed
• Traditional
• command

What is a Traditional Economy?

• Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services 
• Traditional economy is an  economic system in which the government answers all questions related to the providing of all goods and services.
• Traditional economy is an  economic system in which the consumers and producers answer all questions related to the providing of all goods and services based on the laws of supply and demand.
• Traditional economy is an  economic system in which you make it up as you go along.