Economics vocab

a shortage or lack of supply

• demand

• scarcity

• consume

• supply

Which of the basic economic systems allow government to control most aspects of the economy?

• mixed

• command

• market

• traditional

A __________________ economy is the opposite of a market economy.

• free enterprise

• free market

• capitalist

• command

A __________________ is a combination of command and market economies.

• planned economy

• mixed economy

• monopoly

• dynasty

In a command economy, the government controls goods and services.

• true

• false

People in a market economy choose how they will earn their living.

• true

• false

In a market economy, income is determined by ____________________.

• technology

• government

• the marketplace

• tradition

Anything from nature that living things use is called a ______________.

• energy
• pollution
• food
• natural resource

In 2010, Mexico placed a limit on the amount of potatoes it will import.

• Tariff

• Quota

• Embargo

The United States prohibited all imports and exports to and from Cuba in the 1960s.

• Tariff

• Quota

• Embargo