Economics Quiz

Deciding which goods and services should be made.

• What to produce?

• How to produce?

• For whom to produce?

• Free Enterprise

Choosing the best way to make goods and services.

• Voluntary Trade

• How to produce?

• Tariff

• Gross Domestic Product (GDP)

Figuring out who will get the goods and services once they’re made.

• Natural Resources

• For whom to produce?

• Quota

• Human Capital

An economy where production is based on customs, traditions, and beliefs, often to meet basic needs.

• Command Economy

• Free Enterprise

• Traditional Economy

• Market Economy

An economy where the government makes all decisions about what, how, and for whom to produce.

• Market Economy

• Command Economy

• Mixed Economy

• Specialization

An economy where decisions are made by individuals and businesses based on supply, demand, and price.

• Mixed Economy

• Tariff

• Market Economy

• Standard of Living

An economy that combines aspects of both command and market systems.

• Mixed Economy

• Tariff

• Market Economy

• Standard of Living

Raw materials from nature used to produce goods, like minerals, forests, water, and land.

• Natural Resources

• Human Capital

• Economic Continuum

• Capital Goods

The skills and training workers have to produce goods and services.

• Entrepreneurship

• Voluntary Trade

• Human Capital

• Quota

Items like machines, tools, or buildings used to make other products.

• Embargo

• Capital Goods

• GDP

• Specialization