Citizenship/Economics Vocabulary Quiz

What do economists mean when they use the word "scarcity?"

• having too few resources to satisfy everyone

• having the correct amount of resources to satisfy everyone

• having too many resources to satisfy everyone

• having just enough resources to satisfy everyone

An economic system that is based on culture, tradition and rituals

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

The state of being in short supply

• Quantity

• Subsistence

• Scarcity

• Quota

An economic system that relies on the government to make all economic decisions

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

A production of the Earth (gift of nature) that people use to meet their needs.

• Resource

• Natural Resource

• Good

• Capital Resource

An economic system that is driven by consumer's buying decisions.

• Traditional Economy

• Market Economy

• Mixed Economy

• Command Economy

An economic system with limited government involvement and driven by consumer's buying decisions

• Mixed Economy

• Command Economy

• Traditional Economy

• Market Economy

A tax on imports or exports.

• tariff

• embargo

• quota

The factories, machinery, technology, etc. that are necessary to sustain a service or industry.

• Capital

• Natural Resource

• Human Capital

• Entrepreneurship

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange.

• embargo

• currency exchange

• buy

• barter