Economic Terms
Authored by Jennia Hendrix
Social Studies
7th Grade
Used 199+ times
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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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