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Unit 1.4 | Basic Economic Terms Review

Authored by Ryan McGuffey

Social Studies

6th Grade

Used 9+ times

Unit 1.4 | Basic Economic Terms Review
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

literacy rate.

tariffs.

standard of living.

capital goods.

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