Economics Review

The percentage of adults in a society who can read and write.

• Currency

• Literacy Rate

• Specialization

• Tariff

This type of economic system tends to be heavily dependent on agriculture; people tend to barter (use items of value rather than money or precious metals for exchange); and economic decisions are often made on the basis of long-held customs (traditions), beliefs, or habits.

• Command Economy

• Market Economy

• Traditional Economy

In this type of economic system, the government makes all the decisions and controls all aspects of the economy.

• Command Economy

• Market Economy

• Traditional Economy

The type of economic system in which decisions are made by individuals and businesses.

• Command Economy

• Market Economy

• Traditional Economy

Today no economies in the world are pure command economies or pure market economies. They all have elements of both to varying degrees. What is this type of economy called?

• Blended Economy

• Jumbled Economy

• Mixed Economy

• Scrambled Economy

What measures the total value of the final goods and services produced within the borders of a country in one year.

• Currency

• Gross Domestic Product

• Gross Pay

• Net Pay

Someone who is unemployed is someone who...

• has a job, but wants a better paying job.

• does not have a job, but is actively looking for a job.

• does not have a job, and does not want to find a job.

the voluntary exchange of goods and services among people and countries

• Currency

• Specialization

• Trade

a tax on imports

• Embargo

• Quota

• Tariff

a government order stopping trade with another country

• Embargo

• Quota

• Tariff