Economics Vocabulary Unit

Front

A country that has aspects of a market economy plus a command economy is called a ___________.

Back

Mixed Economy

Front

In which economic system are entrepreneurs MOST likely to exist? Options: Command Economy, Market Economy, Traditional Economy, Communist Economy

Back

Market Economy

Front

What are the advantages and disadvantages of a command economy?

Back

The government provides for basic needs, but choice is limited.

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

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.

Front

Which is an example of a quota?

Back

China allows only 345,000 Ford Mustangs into their country each year.

Front

Which is an example of an embargo?

Back

China refuses to buy Ford Mustangs from the USA.

Front

Which is an example of an tariff?

Back

China charges 7.9% tax on Ford Mustangs imported into their country.

Front

What does it mean for a business to specialize in a particular good or service?

Back

Countries that are experts in producing specific products.

Front

In this scenario, Lisa would be an example of a(n) ________________.

Back

Entrepreneur