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Economics Vocab Review

Authored by Kayla-Danielle Murphy

6th - 8th Grade

Used 48+ times

Economics Vocab Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Market
Mixed
Traditional
command

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Traditional

Command

Market

Mixed

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

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

Traiditional

Command

Market

Mixed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Market economy
Command economy
Traditional economy
Mixed economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does GDP stand for?

Gross Domestic Price

Gross Domestic Product

Growth Dependent Price

Growth Decline Price

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