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Economic Terms

Authored by Jennia Hendrix

Social Studies

7th Grade

Used 142+ times

Economic Terms
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19 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are based on customs and beliefs of the past; Uses bartering to exchange goods

Traditional Economy

Market Economy

command economy

mixed economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government makes all economic decisions

Traditional Economy

Market Economy

Command Economy

Mixed Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Private businesses & individuals make all economic decisions without government interference; Works on supply & demand; U.S. is close to being pure in this economy

Traditional Economy

Market Economy

Command Economy

Mixed Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

command and market systems; most democratic nations have this type of economic system

Traditional Economy

Market Economy

Command Economy

Mixed Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The products that a country makes best and that are in demand on the world market

specialization

tariff

quota

embargo

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tax placed on imported goods

specialization

tariff

quota

embargo

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limit on the amount of goods a country will import

specialization

tariff

quota

embargo

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