Economic Terms Quizs

GDP

• the total market value of the goods and services produced by a country in a specific year

• the total income earned by a country's residents in a year

• the total value of all financial assets in a country

• the total amount of money spent by consumers in a year

command economy

• an economic system based on government control and regulations

• a market-driven economy with minimal government intervention

• an economy where production is based on consumer preferences

• a system where all economic decisions are made by private individuals

traditional economy

• an economic system based on traditional customs and values

• a market-driven economy with minimal government intervention

• an economy that relies solely on technology and innovation

• a system where all economic decisions are made by a central authority

exchange rate

• the ratio of how much of one currency can be exchanged for equal value of another currency

• the amount of money needed to purchase a good or service in a different country

• the difference in value between two currencies over time

• the fee charged by banks for currency conversion

human capital

• the talents, skills, and labor of people that can be used to produce goods and services

• the financial resources available for investment in a business

• the physical assets owned by a company, such as buildings and machinery

• the knowledge and experience gained through education and training

market economy

• an economic system allowing consumers and producers can buy and sell what they want

• a system where the government controls all economic activities

• a type of economy based solely on barter and trade

• an economic system where prices are set by a central authority

capital goods

• man-made goods used to make other goods or services

• natural resources used in production

• finished products ready for sale

• services provided to consumers

embargo

• a ban on trade with a specific nation or group on nations

• a type of tax imposed on imported goods

• a legal agreement to cease hostilities

• a policy to promote free trade among nations

import

• a good or service bought from another country

• a product sold within the same country

• a type of tax on goods

• a service provided by a local business

trade barrier

• any regulation or policy that restricts international trade

• a type of tax imposed on imported goods

• a method to promote free trade between countries

• a legal agreement to eliminate tariffs