Economics Vocabulary (Building Blocks)

Question 1

The U.S. is an example of

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Industrialized Nation, Developed Nation

Question 2

Creative thinkers who take risks

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Entrepreneurship

Question 3

I want to exchange a bushel of corn for your services.

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Barter

Question 4

Exclusive ownership or one company owns all of one product or service.

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Monopoly

Question 5

Decisions are made by the buyers or the sellers (not the gov.)

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Market Economy

Question 6

The added cost of using one resource over another.

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Opportunity Cost

Question 7

Nations that have some income and relies on a few exports.

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Developing Nation

Question 8

Total value of all the final goods and services produced within a country in a single year.

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Gross Domestic Product

Question 9

This is a limit on the number of imported goods.

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quota

Question 10

Factories, machines, and technology are examples of

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Capital

Question 11

A government with characteristics of capitalism and communism.

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Socialism

Question 12

People decide what goods and services are produced and how they are exchanged.

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Economic System

Question 13

Customs and habits are used to make economic decisions.

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Traditional Economy

Question 14

Cuba is MOSTLY this type of economy.

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Command Economy

Question 15

Nations that lack technology and manufacturing.

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Underdeveloped Nations

Question 16

This type of government primarily has a command economy.

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Communism

Question 17

How much is available versus how much is wanted.

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supply and demand

Question 18

One that uses a good or service is called a

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Consumer

Question 19

Knowledge and skills that make it possible for workers to earn a living.

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Human Capital

Question 20

The amount that remains when the use or need is satisfied.

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Surplus

Question 21

Something you can touch versus something a person provides.

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Goods and Services

Question 22

When the need is satisfied and you have remaining stock.

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Surplus

Question 23

Send goods to another country.

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Export

Question 24

A company buys rubber from Asia verses South America.

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Opportunity Cost

Question 25

A product or service in short supply.

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scarcity

Question 26

Trees and minerals

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Natural Resources

Question 27

System of exchanging currencies between countries.

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Currency Exchange System

Question 28

One that creates a product.

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producer

Question 29

What is a tax on imported goods from another country?

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tariff

Economics Vocabulary (Building Blocks)

Questions 29

Economics Vocabulary (Building Blocks)

Questions 29