Unit 1.4 | Basic Economic Terms Review

The inability of a country to provide every good or service that its citizens need and want is known as...

• specialization.

• scarcity.

• GDP per capita.

• trade barriers.

An economic system in which people live in small groups and do not use money, but instead make what they need to survive and trade/barter for goods and services is known as a...

• command economy.

• mixed economy.

• market economy.

• traditional economy.

An economic system in which the government has control over what, how, and for whom goods and services are produced is known as a...

• command economy.

• mixed economy.

• market economy.

• traditional economy.

An economic system in which entrepreneurs, businesses, and companies decide what, how, and for whom goods and services are produced based on supply and demand is known as a...

• command economy.

• mixed economy.

• market economy.

• traditional economy.

An economic system in which entrepreneurs, businesses, companies, and the government share responsibility in deciding what, how, and for whom goods and services are produced is known as a...

• command economy.

• mixed economy.

• market economy.

• traditional economy.

The scale that measures mixed economies based on the percentage of market or command jobs found in their economy is known as the...

• economic continuum.

• standard of living graph.

• GDP per capita database.

• economy chart.

The amount of wealth, comfort, material possessions, and overall quality of life is known as...

• literacy rate.

• tariffs.

• standard of living.

• capital goods.

An average income for citizens in an country's economy determined by dividing the country's population from its total GDP is known as...

• literacy rate.

• GDP per capita.

• standard of living.

• human capital.

An percentage of citizens able to adequately read, write, and do basic math by age 15 is known as...

• literacy rate.

• total GDP.

• standard of living.

• entrepreneurs.

Raw materials taken from the earth to be used, traded, or sold in an economy are known as...

• human capital.

• tariffs.

• natural resources.

• entrepreneurs.