7th grade Review for Unit 4 2.22

Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services

• True
• False 

Definition of a consumer?

• a person who is responsible on paying their employees 
• a person who purchases goods and services for personal use
• a person who often travels 

_what is the definition of command economy?

• economic system combining private and public enterprise.
  
• an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
  
• An economy in which production, investment, prices, and incomes are determined centrally by a government.

Communist countries have what type of economic system?

• Market
• Mixed
• Command
• Traditional

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

• Market
• Mixed
• Traditional
• command

 A system that uses bartering or trading.

• Mixed
• Market
• Traditional
• command

When a country focuses on being really good at producing one thing, it is an example of __________________________________________.

• Specialization
• Opportunity Costs
• Trade Barrier
• GDP

Tax on imported goods is ___________

• a tariff
• a quoata
• an embargo
• the reason we can't have nice things

A limit on imported goods is  _____________________ 

• a tariff
• a quota
• an embargo
• a lemonade stand

When we completely stop trading with another country, it's called ____________________

• a tariff
• a quota
• an embargo
• a hissy fit