Economic Vocabulary Review

The total value of goods produced and services provided in a country during one year.

• Command Economy

• Developed Country

• Gross Domestic Product

• Economic Producer

An economy in which production, investment, prices, and incomes are determined centrally by a government.

• Command Economy

• First Level Economic Activity

• Market Economy

• Capitalist

Economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces.

• Traditional Economic System.

• Tertiary Level

• Mixed Economic System

• Developing Country

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

• Traditional

• Command

• Market

• Mixed

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What is a tariff?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

What is an embargo?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

What is a quota?

• A tax on imports
• A limit on imports
• A halt to trade
• A tax on exports

Why do countries need an exchange rate?

• to promote tourism

• to determine GDP

• to see who has the most money

• to trade with each other