Economic Systems and Trade Vocabulary

Which economic system relies on traditions and customs to answer the 3 economic questions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which economic system relies on supply and demand to answer the 3 economic questions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

Which economic system relies on the government to answer the 3 economic questions?

• Traditional economy

• Market economy

• Command economy

• Mixed economy

What does GDP stand for?

• Gross Domestic Product

• Government Development Program

• Global Demand and Production

• General Distribution of Profit

What does human capital refer to?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• The level of income, comforts, and services available

What are capital goods?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• The level of income, comforts, and services available

What are natural resources?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• The level of income, comforts, and services available

What is entrepreneurship?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• A person who takes a risk with their time and money to start a new business

What does literacy rate measure?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• How many people over the age of 15 that can read and write

What does standard of living refer to?

• The value of a person's skills and education

• The gifts of the earth

• Goods that are used to make other goods

• The level of income, comforts, and services available