Asia's Economics Vocabulary

__________ is when jobs are moved overseas to nations where work can be done at a cheaper rate.

• Quota

• Outsourcing

• Tariff

• Globalization

What is an economic system where the government answers the three economic questions related to production?

• Command Economy

• Market Economy

• Traditional Economy

• Interdependence

What is the value of your currency in terms of another country's currency?

• Infrastructure

• Invest

• Embargo

• Exchange Rate

What is term is defined by when countries produce those goods and services for which they are best suited?

• Investment

• Entrepreneurship

• Specialization

• Command Economy

Roads, bridges and railways etc. that are a part of a countries means for transporting goods, people etc. These are a part of a countries Capital resources.

• Specialization

• Infrastructure

• Global Trade

• Human Resources

To put money into something, hoping to gain a profit. This is what entrepreneurs do.

• Market Economy

• Specialization

• Interdependence

• Invest

What is a trade barrier that limits the amount of goods that can be produced or sold?

• Quota

• Embargo

• Tariff

• Mixed

What is a situation where countries need each other because they cannot or do not produce all that they need?

• Globalization

• Specialization

• Interdependence

• Infrastructure

What is a system where producers and consumers answer the three economic questions in regards to production and it is based on supply and demand?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

What is a trade barrier that stops trade between countries?

• Embargo

• Tariff

• Quota

• Capital