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WorksheetsEconomics Vocabulary 6th Grade
Total questions: 24
Worksheet time: 2hrs 0mins
Which of the following characteristics describes a traditional economy? (Pick 2)
Individuals follow the occupation of their ancestors
People attain goods and services through bartering
This is the economic system for most democratic nations
Individuals are constantly introducing new ideas and change
Which of the following answers does not match with the economic term: "Natural Resource"
A product of the earth that people use to meet their needs
Trees, air, soil and minerals
The presence of this resource saves your country money
None of the above
A __ __ __ __ __ is a number limit on how many items of a particular product can be imported from another country.
(a)
In a command economy, all economic decisions are made by the
__ __ __ __ __ __ __ __ __ __.
(a)
True or False:
A physical trade barrier is a natural barrier that makes it more difficult for country to trade goods and services.
True
False
If a country has a high literacy rate they will most likely have a __ __ __ __ standard of living.
(a)
If you live in a country with a communist government, your economic system is most likely
Market
Traditional
Command
All of the above
Select the 3 basic economic questions that all economic systems must answer.
What to produce?
How to produce?
How much to produce?
For whom to produce?
Which of the following is found in a market economy?
You do what your parents and grandparents did for a living.
The government is not involved at all!
There is a little bit of government control.
The government controls everything!
Which 2 of these options are examples of investing in human capital?
Road building
Training
Buying machinery
Education
In a __ __ __ __ __ __ __ economy the government owns all of the resources.
(a)
Which economic system is known for using bartering to trade their goods and services with one another?
Mixed
Market
Command
Traditional
If America wanted to put a complete ban on trade between themselves and Mexico, which trade barrier would they put in place?
Tariff
Embargo
Quota
Tax
Which of the following countries has a pure market economy?
America
Australia
New Zealand
No country has a pure market economy
Which of the following are examples of physical trade barriers?
Mountain
Valley
Ocean
Embargo
Which of the following are results of investing in human capital?
Healthier employees
Smarter employees
Higher production rates
Loss of money
Which of the following is NOT true about a command economy?
The government owns all of the resources
The government makes all economic decisions
People get to decide where they want to work and live
It is a very harsh economic system to live in.
An entrepreneur is: (pick 3)
A leader of a country
A person who provides the money to start and operate a business
Someone who risks time and money
An innovative risk taker
A tax placed on an imported good is known as a __ __ __ __ __ __
(a)
Which of the following statements is true?
High literacy rate = Low standard of living
Low literacy rate = high standard of living
High literacy rate = High standard of living
None of the above
True or False:
America is one of the closest countries in the world to being a pure market economy.
True
False
Which of the following countries is the farthest away from market on the economic continuum?
Australia
Germany
North Korea
America
Which of the following is NOT one of the 4 factors of economic growth?
Natural Resources available
Investment in Human Capital
Investment in Capital Goods
Entrepreneurship
None of the above
The __ __ __ is the total value of all of the goods and services produced in that country in one year. It measures how rich or poor a country is.
(a)
