Economics Vocabulary Review 2023 (Unit 9)
Quiz by Kanika Nolasco
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- Q1
The study of how people manage their resources by buying, exchanging, or using goods and services.
budget
specialization
entrepreneurship
economics
30s - Q2
These types of resources are considered: raw materials used to make products or “gifts of nature”
human capital
natural resources
capital goods
30s - Q3
the machines, tools, factories, land, and technology that are needed to make other products
human capital
capital goods
natural resources
30s - Q4
People providing services and doing jobs that others benefit from.
human capital
capital goods
natural resources
30s - Q5
when a country focuses resources on creating fewer specific products and services than they consume
specialization
trade
exchange rate
scarcity
30s - Q6
money
trade
exchange rate
currency
scarcity
30s - Q7
the rate at which one unit of the currency of a country can be traded for a unit of the currency of another country
currency
exchange rate
specialization
trade
30s - Q8
voluntary exchange of products and services
specialization
exchange rate
scarcity
trade
30s - Q9
governmental policies that restrict, the entry of products into a country
trade
entrepreneur
trade barriers
GDP
30s - Q10
tax on imports
embargo
quota
scarcity
tariff
30s - Q11
limiting the amount of products that can come into a country
quota
scarcity
embargo
tariff
30s - Q12
cutting off trade to a certain country because of political reasons
embargo
quota
scarcity
tariff
30s - Q13
a product brought into a country through trade or sale
specialization
trade
import
export
30s - Q14
a product leaving a country through trade or sale
export
trade
import
exchange rate
30s - Q15
the amount of products and services produced in one country in one year
Currency
Capital Goods
GDP
Exchange Rate
30s