Economics Vocab Review

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

In this country, business is based on competition. Success comes from doing something better and cheaper than competitors.

• Traditional

• Command

• Market

• Mixed

In this system, consumers are in control of economic decision-making.

• Traiditional

• Command

• Market

• Mixed

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

What does GDP stand for?

• Gross Domestic Price

• Gross Domestic Product

• Growth Dependent Price

• Growth Decline Price

What is Gross Domestic Product (GDP)?

• The value of all finished goods and services produced in a country over a set period of time.

• The output per worker hour that is measured over a period of time.

• The total dollar value of goods and services produced by all nations, including the US, in a set time period.

• The measurement of the the quality of life based on goods and services that a nation's people have.

A tax on imports

• tariff

• import tax

• supply

• embargo

Goods and services a country produces and sells to other countries

• imports

• exports

• demand

• supply