2.5 Economics Vocabulary

Abigail is focusing on producing those goods her country can make most easily so they can trade them for goods made by others that cannot be produced locally.

• Specialization

• Tariff

• Quota

• Embargo

• GDP

Liam is studying international trade and learns about a tax on imported goods. What is this tax called?

• Specialization

• Tariff

• Quota

• Embargo

• GDP

Emma is studying international trade and learns about a number limit on the amount of goods that can be brought into the country. What is this limit called?

• Specialization

• Tariff

• Quota

• Embargo

• GDP

In a recent class discussion, Lily mentioned a ban on trade with another country for economic or political reasons. What is this called?

• Specialization

• Tariff

• Quota

• Embargo

• GDP

Zoe is studying economics and wants to understand the sum of all goods and services produced in a country in one year. What is this called?

• Specialization

• Tariff

• Quota

• Embargo

• GDP

Emma is preparing for a job interview and is focusing on the education, skills, and training she has acquired over the years. What is this an example of?

• Human Capital

• Capital Goods

• Command Economy

• Market Economy

• Traditional Economy

William is studying the impact of factories, machinery, tools, & technology available to a country on its economy.

• Human Capital

• Capital Goods

• Command Economy

• Market Economy

• Traditional Economy

In Kai's country, all economic decisions are made by the government

• Human Capital

• Capital Goods

• Command Economy

• Market Economy

• Traditional Economy

Mason and Lily are setting up a lemonade stand. All economic decisions are made by buyers (consumers) and sellers (producers).

• Human Capital

• Capital Goods

• Command Economy

• Market Economy

• Traditional Economy

In Anika's village, all economic decisions are based on custom and habit from the past.

• Human Capital

• Capital Goods

• Command Economy

• Market Economy

• Traditional Economy