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Economic Terms

Authored by Anibal Raposo

Geography

5th Grade

Used 105+ times

Economic Terms
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the total value of all goods and services produced in a country in a year

Profit

Interest

Market Economy (Capitalism)

Gross Domestic Product (GDP)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economy in which people make economic decisions based on their customs and habits

Developing Countries

Traditional Economy

Mixed Economy

Market Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is a tax on imports or exports (example of a trade barrier)

Incentive

Scarcity

Profit

Tariff

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the exchange of goods and services in a market

Interest

Demand

Tariff

Trade

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the study of how people meet their wants and needs

Economics

Producers

Incentive

Revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economy in which the central government makes all basic economic decisions ex. North Korea and Cuba

Market Economy (Capitalism)

Traditional Economy

Mixed Economy

Command Economy (Communism)

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The act of concentrating on a limited number of goods or activities

Specialization

Budget

Trade Barrier

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