WMS Economics Unit 1 Pretest

The study of how people or countries manage their limited resources by producing, exchanging, and using goods.

• Embargo

• Economics

• Export

• Import

Economic system in which economics decisions are made on the basis of customs, beliefs and habits.

• Market Economy

• Traditional Economy

• Natural Resource

• Human Capital

Economic system in the in the government makes economics decisions.

• Command Economy

• Economics

• Market Economy

• Mixed Economy

Economic system in which business owners and consumers make economic decisions.

• Mixed Economy

• Traditional Economy

• GDP

• Market Economy

Economic system in which people and government play role in economic decisions.

• Market Economy

• Capital Goods

• Mixed Economy

• Exchange Rate

In economics, concentrating on one area of work.

• Specialization

• Tariff

• Trade

• Quota

Any restriction that makes trade difficult or impossible.

• Tariff

• Trade

• Trade Barriers

• Export

Tax on imports

• Tariff

• Trade

• Import

• Export

Limiting the amount of products that can come into the country.

• Embargo

• Currency

• Quota

• Trade

Cutting off trade to a certain country country because of political reasons.

• Quota

• Tariff

• Export

• Embargo