economic terms

An undeveloped economy in which customs and habits from the past determine how decisions will be made; may be found in rural areas with high levels of subsistence farming and rely on barter rather than currency

• Market
• Command
• Traditional

Government officials make all of the decisions regarding production and distribution of goods and services.

• Market

• Command

• Traditional

Business (run by private citizens) determine what goods/services are produced and how they will be made.

• Market

• Command

• Traditional

• Mixed

Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.

• Market
• Command
• Traditional
• Mixed

Which one of these is NOT a basic economic question?

• where it will be produced

• what will be produced

• how it will be produced

• for whom it will be produced

When a country taxes products coming into the country, this is called what?

• quota
• embargo
• export
• tariff

Gross domestic product (GDP) is

• the number of working age people in a country.
• the total value of goods and services a country produces in a year.
• the number of products that the industries produces in a year.
• the average salary that a person earns in a year.

An example of investing in human capital is which of these?

• a mother collecting fire wood
• a teenager learning a specific skill
• a boy taking the cattle to graze
• a child working on the coffee plantation

Which of these is NOT an example of capital goods?

• factories
• subsistence farming
• technology
• machinery

A ban or restriction of commerce with another country is called?

• export
• embargo
• tariff
• command