Economics vocab from unit 2B
Quiz by Holly Ray
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- Q 1/18Score 0the system in which people produce sell and buy things. What to produce, how to produce it and who gets it.29Economy
18 questions
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- Q1the system in which people produce sell and buy things. What to produce, how to produce it and who gets it.Economy30s
- Q2The total value of the goods and services that a country producesGross Domestic Product30s
- Q3The total value of the goods and services that a country produces per personGross Domestic Product Per Capita (GDP Per Capita)30s
- Q4The basic systems of society such as roads, bridges, sewers and electricityInfrastructure30s
- Q5the percentage of people who can read and writeLiteracy Rate30s
- Q6How long people live on average in a given place - usually a country.Life Expectancy30s
- Q7People trade goods and services without money (barter)Traditional Economy30s
- Q8Privately 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.Free Enterprise Economy (also called market economy or capitalism)30s
- Q9the government owns most parts of the economy and decides what will be produced and sold and decides who gets it.Command Economy (often called Communism)30s
- Q10has elements of both free enterprise and command. High taxesMixed Economy (often called Socialism)30s
- Q11natural resourcesland30s
- Q12human mental and physical activity needed to produce goods and serviceslabor30s
- Q13money, and goods (tools, machines, factories, roads. etc.) used to make other goodscapital30s
- Q14people who take risks to start, organize or invest in businessesentrepreneurship30s
- Q15Taking natural resources from the earth like Fishing, mining, forestry and agriculturePrimary economic activity30s
