Economics Vocabulary Quiz

What is study of the making, buying, and selling of goods or services?

• economics

• free enterprise

• Gross Domestic Product

• specialization

What is a limit on the amount of goods shipped to a country?

• service

• producer

• embargo

• quota

What is a tariff?

• the voluntary exchange of goods, services, or both

• The total value of all goods and services produced by a country in a year.

• a tax placed on all imported goods

• when a country stops trading with another country altogether

Any kind of work performed for others is called which of the following?

• a good

• a service

• a quota

• a trade barrier

What is the term for when people or countries depend on one another?

• entrepreneur

• specialization

• international trade

• interdependence

What is a producer?

• Anyone who makes or grows a good or performs a service

• Items used to produce other goods, such as computers, machines, and factories

• A person who organizes, operates, and assumes the risk for a business venture

• When companies compete with one another to get the most customers

an item that is coming in to a country

• Import

• Export

• Embargo

• Tariff

something you can feel, or any kind of merchandise

• service

• good

• producer

• trade

Economy controlled by the consumers and producers

• market economy

• mixed economy

• traditional economy

• command economy

Economy controlled by the government

• market economy

• mixed economy

• traditional economy

• command economy