Economics Quiz

Economy where citizens have little power and the government controls the economy.

• Traditional

• Mixed

• Command

• Market

Economy where citizens and the government make economic decisions

• Mixed

• Market

• Traditional

• Command

Economy where the government has little power and citizens have control the economy.

• Mixed

• Market

• Command

• Traditional

Economy that is based on culture and traditions.

• Mixed

• Market

• Traditional

• Command

Tax on an import or export

• Embargo

• Quota

• Tariff

• Human capital

Stopping or banning trade with another country.

• Capital goods

• Embargo

• Tariff

• Quota

Putting a limit to imports or exports

• Quota

• Embargo

• Specialization

• Tariff

When a person or a country become experts at producing a good or service

• Capital goods

• Specialization

• Human capital

• Entrepreneur

A person that starts their own business

• Specialization

• Entrepreneur

• Capital goods

• human capital

Investing in education, healthcare, and training

• Embargo

• Human capital

• Command

• Capital goods