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Economics Vocabulary

Quiz by Denise Upchurch

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21 questions
Show answers
  • Q1
    What are natural resources?
    buildings
    resources that come from nature
    technology
    workers
    30s
  • Q2
    People who perform labor, and companies invest in by training and education
    Human Capital
    technology
    Capital goods
    resources
    30s
  • Q3
    What are capital goods?
    resoureces
    items that people need to perform their jobs like buildings, technology, tools, and machinery
    Human capital
    production
    30s
  • Q4
    What are entrepreneurs?
    a person that uses knowledge to go to school
    people who enter new buildings
    People with new ideas that are willing to take risks to start a business, making a product, or providing a service
    Resources used to make goods
    30s
  • Q5
    An exchange rate is
    deciding whose business is the best
    how much one money is worth when compared with another
    exchanging ideas about the cost of goods and services
    bartering goods and services
    30s
  • Q6
    A tariff is:
    too many imports coming in
    Tax on imports
    restrictions placed on exports
    tweaking the trade of who sell only certain goods
    30s
  • Q7
    What is an embargo?
    forbids or stops trade
    limits trade
    a tax
    a good way to exchange goods and services
    30s
  • Q8
    A quota:
    a tax placed on exports
    a tax placed on imports
    the number of businesses a person can own
    Restricts or limits amounts of goods imported
    30s
  • Q9
    All economic decisions are made by the government
    traditional
    Command
    market
    30s
  • Q10
    Government owns most of the property, sets the prices of goods, determines wages, etc.
    Command
    Traditional
    Market
    30s
  • Q11
    People make what they always made and do the same things their parents did.
    Market
    Command
    Traditional
    30s
  • Q12
    Economic decisions based on buyers (consumers) and sellers (producers) interactions
    Command
    Market
    Traditional
    30s
  • Q13
    inability of a country to produce everything people need and want from the available resources.
    demand
    Scarcity
    restrictions
    supply
    30s
  • Q14
    Using limited resources to produce a variety of goods & services; producing what the country can produce best.
    production
    specialization
    resources
    embargo
    30s
  • Q15
    Gross Domestic Product or GDP is
    resources
    a budget
    value of all goods and services produced in a Country in a year
    goods
    30s

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