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Economics Vocabulary

Quiz by Daniel Frazier III

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Q 1/17
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A system in which people produce, sell, and buy things.
29
Economy

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17 questions

Show answers

Q1
A system in which people produce, sell, and buy things.
Economy
30s
Q2
A system in which privately-owned businesses create goods and services; also called a market economy or capitalism.
Free Enterprise
30s
Q3
A system of government in which the government controls economic resources.
Socialism
30s
Q4
An economy in which the economic decisions are made by the government.
Command economy
30s
Q5
An economic system that combines private and state ownership of some industries.
Mixed Economy
30s
Q6
Making a living through agriculture or natural resources.
Primary Industries
30s
Q7
industries engaged in manufacturing fished goods.
Secondary Industries
30s
Q8
Industries associated with services (tourism, restaurants, retail)
Tertiary Industries
30s
Q9
Intellectual services (research & development, banking, computer software engineering)
Quaternary Industries
30s
Q10
The level by which countries are rated depending on the strength of their economy, government, and infrastructure.
Level of Economic Development (LOD)
30s
Q11
The percentage of people in a country who can read and write.
Literacy Rate
30s
Q12
The average income of the people of a country.
GDP per capita
30s
Q13
The number of years that a person my be expected, on average, to live.
Life expectancy
30s
Q14
The average number of deaths of babies in a year.
Infant mortality rate
30s
Q15
A reciprocal relation between interdependent entities.
Interdependence
30s

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