Basic & Euro Econ Systems & Trade

A limited supply of something is known as...

• excess

• rarity

• scarcity

• abundance

Every country decides how to distribute its resources to meet the needs of its people through a(n)__________.

• government system

• economic system

• civics system

• literacy rate system

A system of exchange where one good or service is traded for another good or service without using money.

• gross domestic product

• crime rate

• scarcity

• bartering

A ________ is a limit on a specific product that can be imported into a coutnry within a certain time frame. (example: no more than 500 German cars every month)

• tariff

• embargo

• subsidy

• quota

A country's buildings, roads, bridges, and power grids are referred to as its_________.

• goods

• services

• infrastructure

• travel system

______ are goods a country SELLS (sends to other countries).

• Exports

• Imports

• Services

• Goods

What are entrepreneurs?

• businesses owned by the government

• people who start their own business

• businesses that are organized to be successful

• people who own farms and businesses that do not want to make a profit

In the United Kingdom, who decides which goods will be produced and sold?

• citizens

• the monarch

• business owners

• the prime minister

In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)...

• quota

• tariff

• embargo

• voluntary exchange

What ype of economic system was used by Native Americans, African Tribes, and the Inuits?

• mixed

• market

• traditional

• command