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Economics Vocabulary

Authored by Jeffrey Thompson

Geography

7th Grade

Used 21+ times

Economics Vocabulary
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are based on traditions.

Market Economy

Command Economy

Traditional Economy

Mixed Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government makes ALL economic decisions.

Command economy

Market economy

Traditional economy

Mixed Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are made by individuals, based on supply and demand.

Mixed Economy

Traditional Economy

Command Economy

Market Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economy that’s mixed between a pure market and a pure command economy.

Command economy
Market economy
Mixed economy

Traditional economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factories, machines, and technology that people use to make products to sell.

Capital Goods

Goods of Service

Human Capital

Production Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Education and job training that make it possible for workers to earn a living producing goods or services.

Capital Goods

Vocational training courses

Human Capital

Leisure activities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total of all goods & services produced in a country yearly.

Gross National Product (GNP)
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Net Domestic Product (NDP)

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