Economy Vocab

What is a Traditional Economy?

• An economic system where customs and traditions guide production and distribution

• An economic system based on digital technology

• A type of economy that exists only in modern cities

• An economic system entirely controlled by the government

Tags

CCSS.RI.6.1

CCSS.RI.6.2

CCSS.RI.6.4

What does a Command Economy involve?

• Decisions made based on supply and demand

• Government making all economic decisions

• Businesses deciding what goods to produce

• Individuals choosing their own jobs freely

What is a Market Economy?

• An economy where goods are only exchanged for other goods

• An economy with no currency

• An economic system where decisions about production, distribution, and consumption are made based on the interaction of supply and demand in the marketplace, with minimal government intervention. 

• An economy where trade is banned

Tags

CCSS.RI.6.2

What does 'Mixed Economy' mean?

• An economy based on the production of mixed goods

• An economy where goods are mixed before sale

• An economy that combines elements of both market and command economies

• An economy that exists in mixed cultural settings

Tags

CCSS.L.6.4A

CCSS.RI.6.2

CCSS.RI.6.4

What is 'Specialization' in economic terms?

• The process of mixing different types of economies

• The act of specializing in the consumption of specific goods

• Focusing on producing a limited range of goods for efficiency

• A government policy to specialize in international trade only

Tags

CCSS.L.6.4A

CCSS.RI.6.3

CCSS.RI.6.4

What are Tariffs?

• A type of currency

• Limits on the quantity of goods that can be traded

• A form of government

• Taxes on imported goods

Tags

CCSS.L.6.4A

CCSS.RI.6.4

What is the purpose of Quotas?

• To limit the amount of currency exchanged

• To increase international trade

• To freely distribute goods among countries

• To set limits on the quantity of goods that can be imported or exported

Tags

CCSS.RI.6.2

CCSS.RI.6.6

What does 'Gross Domestic Product (GDP)' measure?

• The gross income of a country's government

• The average income of a country's citizens

• The total value of all goods and services produced within a country

• The total number of products a country exports

Tags

CCSS.RI.6.2

CCSS.RI.6.4

What is 'Human Capital'?

• Money invested in human resources

• The knowledge, skills, and abilities possessed by individuals that contribute to their productivity and economic value. 

• A country's population size

• The total capital a country has

Tags

CCSS.L.6.4A

CCSS.RI.6.2

CCSS.RI.6.4

What is meant by 'Standard of Living'?

• The height of living standards in a building

• The quality of roads and infrastructure

• The standardization of living conditions by the government

• The level of material comfort, goods, and services available to a population, often measured by factors such as income, access to healthcare, education, and housing.

Tags

CCSS.L.6.4A

CCSS.RI.6.4