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

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

The gross income of a country's government

The average income of a country's citizens

The total number of products a country exports

What is 'Human Capital'?

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

Money invested in human resources

The total capital a country has

What is meant by 'Standard of Living'?

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.

The height of living standards in a building

The quality of roads and infrastructure

The standardization of living conditions by the government

The process of creating goods and services through the combination of factors of production such as labor, capital, and resources.

The spectrum along which different economic systems can be placed, ranging from purely command to purely market economies, with mixed economies falling somewhere in between.

An economic system where all economic decisions are made by a central authority or government, with little to no input from individuals or businesses.

What is Economic Continuum?

The spectrum along which different economic systems can be placed, ranging from purely command to purely market economies, with mixed economies falling somewhere in between.

An economic system where all economic decisions are made by individuals and businesses operating in the free market, with no government intervention.

Restrictions imposed by governments to control the flow of goods and services between countries, including tariffs, quotas, embargoes, and other regulations.

What is Pure Market Economy?

An economic system where all economic decisions are made by individuals and businesses operating in the free market, with no government intervention.

A system of money used in a particular country or region, typically issued and regulated by the government or central bank.

Government-imposed bans on trade with specific countries, usually for political reasons or as a form of economic sanction.

What is Pure Command Economy?

An economic system where all economic decisions are made by a central authority or government, with little to no input from individuals or businesses.

Restrictions imposed by governments to control the flow of goods and services between countries, including tariffs, quotas, embargoes, and other regulations.

Government-imposed bans on trade with specific countries, usually for political reasons or as a form of economic sanction.

What are trade barriers?

Restrictions imposed by governments to control the flow of goods and services between countries, including tariffs, quotas, embargoes, and other regulations.

A system of money used in a particular country or region, typically issued and regulated by the government or central bank.

The exchange of goods, services, and capital between countries, facilitated by factors such as globalization, comparative advantage, and trade agreements.

Government-imposed bans on trade with specific countries, usually for political reasons or as a form of economic sanction.

A system of money used in a particular country or region, typically issued and regulated by the government or central bank.

The percentage of a population that can read and write at a specified age, often used as an indicator of educational attainment and development.

A system of money used in a particular country or region, typically issued and regulated by the government or central bank.

The percentage of a population that can read and write at a specified age, often used as an indicator of educational attainment and development.

A measure calculated by dividing the total of a particular variable (such as income or GDP) by the total population of a country, providing an average value per person.

What is currency exchange?

The process of converting one currency into another for various purposes, such as international trade, investment, or tourism.

The process of identifying, developing, and bringing to market new products, services, or business ventures, often involving innovation and risk-taking.

Raw materials or substances that occur naturally in the environment and can be used for economic gain, such as minerals, water, forests, and energy sources.

What is International Trade?

The exchange of goods, services, and capital between countries, facilitated by factors such as globalization, comparative advantage, and trade agreements.

A measure calculated by dividing the total of a particular variable (such as income or GDP) by the total population of a country, providing an average value per person.

The allocation of resources, such as money, time, or effort, into assets or activities with the expectation of generating future income or profit.

What is Literacy Rate?

The percentage of a population that can read and write at a specified age, often used as an indicator of educational attainment and development.

Raw materials or substances that occur naturally in the environment and can be used for economic gain, such as minerals, water, forests, and energy sources.

The money or resources received by individuals or businesses in exchange for providing goods or services, often used to measure economic well-being.

The allocation of resources, such as money, time, or effort, into assets or activities with the expectation of generating future income or profit.

The process of identifying, developing, and bringing to market new products, services, or business ventures, often involving innovation and risk-taking.

Physical assets such as machinery, equipment, and infrastructure used in the production of other goods and services.

A measure calculated by dividing the total of a particular variable (such as income or GDP) by the total population of a country, providing an average value per person.

The exchange of goods, services, or resources between parties that occurs willingly and without coercion, typically based on mutual benefit.

A financial plan that outlines expected income and expenditures over a specific period, typically prepared by individuals, businesses, or governments.

What is Entrepreneurship?

The process of identifying, developing, and bringing to market new products, services, or business ventures, often involving innovation and risk-taking.

Raw materials or substances that occur naturally in the environment and can be used for economic gain, such as minerals, water, forests, and energy sources.

The exchange of goods, services, or resources between parties that occurs willingly and without coercion, typically based on mutual benefit.

What are Natural Resources?

Raw materials or substances that occur naturally in the environment and can be used for economic gain, such as minerals, water, forests, and energy sources.

The exchange of goods, services, or resources between parties that occurs willingly and without coercion, typically based on mutual benefit.

A financial plan that outlines expected income and expenditures over a specific period, typically prepared by individuals, businesses, or governments.

What are Capital Goods?

Physical assets such as machinery, equipment, and infrastructure used in the production of other goods and services.

A financial plan that outlines expected income and expenditures over a specific period, typically prepared by individuals, businesses, or governments.

The money or resources received by individuals or businesses in exchange for providing goods or services, often used to measure economic well-being.

What is voluntary trade?

The exchange of goods, services, or resources between parties that occurs willingly and without coercion, typically based on mutual benefit.

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.

The money or resources received by individuals or businesses in exchange for providing goods or services, often used to measure economic well-being.

Taxes imposed on imported goods, usually with the aim of protecting domestic industries or raising revenue for the government.

Limits set by governments on the quantity of goods that can be imported or exported during a specific period, often used to protect domestic industries or manage trade balances.

A financial plan that outlines expected income and expenditures over a specific period, typically prepared by individuals, businesses, or governments.

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.

Raw materials or substances that occur naturally in the environment and can be used for economic gain, such as minerals, water, forests, and energy sources.

Economy Vocab

Authored by Brenda Mercado

English

6th Grade

CCSS covered

Used 11+ times

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28 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.6.4

CCSS.RI.6.2

CCSS.RI.6.1

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.RI.6.4

CCSS.RI.6.2

CCSS.L.6.4A

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.RI.6.4

CCSS.L.6.4A

CCSS.RI.6.3

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.RI.6.4

CCSS.L.6.4A

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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