
Economic Vocabulary Review
Authored by Kelly Kelley
Social Studies
7th Grade
Used 132+ times

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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The total value of goods produced and services provided in a country during one year.
Command Economy
Developed Country
Gross Domestic Product
Economic Producer
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
An economy in which production, investment, prices, and incomes are determined centrally by a government.
Command Economy
First Level Economic Activity
Market Economy
Capitalist
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
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
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?
Traditional
Command
Market
Mixed
5.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
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
6.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
What type of economy do most countries in the world have?
Market economy
Command economy
Traditional economy
Mixed economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is a tariff?
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