Economics Vocabulary Unit
Flashcard
•
Social Studies
•
6th - 7th Grade
•
Hard
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22 questions
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1.
FLASHCARD QUESTION
Front
A country that has aspects of a market economy plus a command economy is called a ___________.
Back
Mixed Economy
2.
FLASHCARD QUESTION
Front
In which economic system are entrepreneurs MOST likely to exist? Options: Command Economy, Market Economy, Traditional Economy, Communist Economy
Back
Market Economy
3.
FLASHCARD QUESTION
Front
What are the advantages and disadvantages of a command economy?
Back
The government provides for basic needs, but choice is limited.
4.
FLASHCARD QUESTION
Front
The diagram shows an economic continuum. Which letter on the continuum represents where a Pure Market economy would most likely be located?
<-----A------B------------------------------C---------------------------------D-->
Total Government No Government
Control Control
Back
D
5.
FLASHCARD QUESTION
Front
Why is it important for a country to invest in human capital?
Back
Countries that invest in the education and training of their people usually have a higher GDP.
6.
FLASHCARD QUESTION
Front
Which is an example of a quota?
Back
China allows only 345,000 Ford Mustangs into their country each year.
7.
FLASHCARD QUESTION
Front
Which is an example of an embargo?
Back
China refuses to buy Ford Mustangs from the USA.
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