WorksheetsEconomics Vocabulary Ch 7
Total questions: 15
Worksheet time: 30mins
Which term refers to the factories, machines, tools, and other man‑made goods used to make other goods or services?
Natural resources
Capital goods
Human capital
Productive resources
What is a command economy?
An economy where traditions guide production
An economic system based on government control and regulations
An economy where buyers and sellers set prices through markets
An economy based on both market and command elements
Demand is best described as:
How much a good or service is produced at a certain price
How much of a good or service consumers want and are able to buy at a certain price
The ratio used to compare currencies
The talents and skills of workers
Export is defined as:
A good or service sold to another country
A tax on imported goods
A ban on trade with a nation
A good or service brought into a country
Match each trade term to its definition.
Export
A good or service sold to another country
Import
A good or service brought into a country
Embargo
A ban on trade with a specific nation or group of nations
Tariff
A tax placed on goods brought into a country
Quota
A limit on the quantity of a good that can be imported
Gross domestic product (GDP) measures:
The percentage of adults who can read and write
The total market value of all goods and services produced by a country in a specific year
How much one currency can be exchanged for another
The number of factories in a country
Which pair correctly matches the factor with its definition? Select all that apply.
Human capital: skills and labor of people used to produce goods and services
Capital goods: naturally made items like trees and water
Productive resources: materials and labor used to create goods and services
Natural resources: man‑made equipment used in factories
Literacy rate refers to:
The ratio for exchanging one currency for another
The measure of adults who can read and write
The number of goods a country exports
The cost of living in cities
Market economy is an economic system based on:
Government control and regulations
Traditional customs and values
Supply and demand, where consumers and producers can buy and sell what they want
Bans on trade
A mixed economy is best described as:
An economy with elements of both market and command economies
An economy based only on customs
An economy with no government involvement
An economy that trades only with partners
Supply is defined as:
How much of a good or service consumers want at a certain price
How much of a good or service is produced or is available at a certain price
The exchange of goods across countries
The quality of life in a nation
Match each economic system with its description.
Traditional economy
Based on traditional customs and values
Market economy
Based on supply and demand with consumer and producer choice
Command economy
Based on government control and regulations
Mixed economy
Includes elements of both market and command
To specialize means to:
Measure quality of life using income and education
Become an expert in a particular subject, skill, or trade to produce a limited variety of goods and services
Exchange one currency for another
Set limits on imported goods
Standard of living measures:
A nation's quality of life based on income, education, life expectancy, and other factors
The amount of goods a country exports
The number of skilled workers in a country
The exchange rate between two currencies
Exchange rate is the ratio used to determine:
How much of a good consumers want
How much of one currency can be exchanged for an equal value of another currency
The tax placed on imports
The total value of goods and services produced
