Economic Term Review 2

In a certain region, the majority of the population has access to only basic education, limited employment opportunities in manufacturing, inadequate public services, and a lower average lifespan.

• Developing Countries

• Developed Countries

• Command Countries

• Market Countries

Imagine a country is evaluating its economic health over the last year. Which standard would economists most likely use to measure this nation's economic performance?

• Specialization

• Gross Domestic Product

• Globalization

• Opportunity Cost

Imagine a situation where Country A decides not to buy or sell any goods from Country B. This is known as:

• Tariff

• Quota

• Subsidy

• Embargo

The skills of people used to produce goods and services in a bakery.

• Capital Resources

• Human Capital/Labor Resources

• Natural Resources

• Entrepreneurs

Goods traded and sent out to other countries.

• Imports

• Tariffs

• Exports

• Trade Barriers

The spreading of an idea, product or technology around the world.

• Specialization

• Interdependent

• Globalization

• Circumnavigation

Imagine you are at a store and you decide to purchase a new phone because you want the latest model. This is an example of what?

• Service

• Good

• Opportunity Cost

• Industry

Imagine a country is evaluating its economic health. Which standard is commonly used by economists to measure the nation's economic performance?

• Standardization

• Gross Domestic Product

• Globalization

• Specialization

Goods traded and brought into a country from another country.

• Exports

• Imports

• Goods

• Services

In a scenario where a tech startup operates in an environment where its business decisions are influenced by market trends without significant regulatory interference from the government, what economic system is it experiencing?

• Laissez-Faire

• Command

• Traditional

• Mixed