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Economics Terms

Quiz by jackie thompson

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25 questions
Show answers
  • Q1
    the transfer of work/production from one country to another where the cost of labor/manufacturing is cheaper
    outsourcing
    30s
  • Q2
    an alternative fossil fuel derived from fossilized organic material found in sedimentary rock
    shale oil
    30s
  • Q3
    a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange
    bartering
    30s
  • Q4
    an economic model wherein government planners make all business and financial decisions
    command economy
    30s
  • Q5
    an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
    economic system
    30s
  • Q6
    the capacity of private citizens to create new businesses independent of government direction or intervention
    entrepreneurship
    30s
  • Q7
    the creation, maintenance, and expansion of businesses outside the control or influence of the government
    free enterprise
    30s
  • Q8
    an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost
    market economy
    30s
  • Q9
    the required amount of a specific good that must be produced in a given time frame
    production quota
    30s
  • Q10
    an economic model governed by custom, habit, and history
    traditional economy
    30s
  • Q11
    term for one's financial earnings
    wage
    30s
  • Q12
    a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
    economic continuum
    30s
  • Q13
    term used to describe the market/command/traditional blending of all modern world economies
    mixed economy
    30s
  • Q14
    financial gain through illegal means, typically through kickbacks and bribes
    graft
    30s
  • Q15
    money granted by the government to assist a business or industry in lowering the cost of its product/service
    subsidies
    30s

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