Economic Systems Vocabulary Quiz

An economic system where consumers and producers answer the economic questions and prices are set by supply and demand.

• traditional economy

• market economy

• command economy

• mixed economy

An economic system where decisions made are based on the past (rarely found today).

• market economy

• command economy

• mixed economy

• traditional economy

An economic system where government planners determine production and price for goods.

• market economy

• command economy

• traditional economy

• mixed economy

Almost all economies are described as this, based on where they fall on the economic continuum.

• market economy

• command economy

• traditional economy

• mixed economy

Necessary for trade between countries, must be exchanged to even value.

• GDP

• currency

• quota

• tariff

Setting a limit of how much of a good can be imported into a country.

• quota

• currency

• embargo

• trade barrier

The percentage of people who are able to read and write in a country.

• standard of living

• human capital

• literacy rate

• tariff

Organization created to monitor the price and supply of oil (mostly found in ME).

• GDP

• Embargo

• Capital goods

• OPEC

Level of training and skills in a country or industry.

• Capital goods

• Human capital

• GDP

• standard of living

This is measured by access to health care, education, and average life expectancy in a country.

• literacy rate

• standard of living

• tariff

• embargo