Economics

A person who studies economy is called ?

• Economist

• Human

• Consumer

• Producer

An economy that follows the customs and habit of the past ?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

What is the voluntary exchange of goods and services among people and countries ?

• Price

• Trade

• Capital Goods

• Continuum

In a command economy government planning groups make the basic economic decisions ?

• True

• False

What is a Quota ?

• Forbidding trade with another country

• Restriction on the amount of a good that can be imported

• Government ban

• Exchange of goods and services between countries

Most countries today have a command economy ?

• False

• True

In what economy are the decisions made by an individual rather than the government ?

• Mixed Economy

• Traditional Economy

• Command Economy

• Market Economy

The money people use to make trade easier ?

• Currency

• Value

• Exchange

• Price

What does GDP stand for ?

• Growing Does Produce

• Gross Domestic Product

• Great Domestic Product

• Growth Domestic Producing

What are the 4 factors of production ?

• Labor

• Land

• Capital

• Entrepreneurship