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Economics vocab from unit 2B

Quiz by Holly Ray

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18 questions
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  • Q1
    the system in which people produce sell and buy things. What to produce, how to produce it and who gets it.
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    Economy
    30s
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  • Q2
    The total value of the goods and services that a country produces
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    Gross Domestic Product
    30s
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  • Q3
    The total value of the goods and services that a country produces per person
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    Gross Domestic Product Per Capita (GDP Per Capita)
    30s
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  • Q4
    The basic systems of society such as roads, bridges, sewers and electricity
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    Infrastructure
    30s
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  • Q5
    the percentage of people who can read and write
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    Literacy Rate
    30s
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  • Q6
    How long people live on average in a given place - usually a country.
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    Life Expectancy
    30s
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  • Q7
    People trade goods and services without money (barter)
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    Traditional Economy
    30s
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  • Q8
    Privately owned businesses create goods and services to sell. They compete with one another to get the most customers, and therefore, make the most money with little government interference.
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    Free Enterprise Economy (also called market economy or capitalism)
    30s
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  • Q9
    the government owns most parts of the economy and decides what will be produced and sold and decides who gets it.
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    Command Economy (often called Communism)
    30s
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  • Q10
    has elements of both free enterprise and command. High taxes
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    Mixed Economy (often called Socialism)
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  • Q11
    natural resources
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    land
    30s
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  • Q12
    human mental and physical activity needed to produce goods and services
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    labor
    30s
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  • Q13
    money, and goods (tools, machines, factories, roads. etc.) used to make other goods
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    capital
    30s
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  • Q14
    people who take risks to start, organize or invest in businesses
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    entrepreneurship
    30s
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  • Q15
    Taking natural resources from the earth like Fishing, mining, forestry and agriculture
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    Primary economic activity
    30s
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  • Q16
    Making products USING the natural resources like Construction, factories and processing plants
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    Secondary economic activity
    30s
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  • Q17
    Service jobs - hospitals, running a grocery store, fast food, trucking
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    Tertiary economic activity
    30s
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  • Q18
    collecting, processing, and manipulating information, and culture - finance, government, entertainment, news, researching
    Quaternary economic activity
    30s
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