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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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A review of the Glossary Terms from Economics Basics, plus a few thrown in for fun.
Flashcards
13 cards
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Questions
13
Answers
1
What is human capital?
tax placed on exported goods
machines and equipment used to produce goods and services
the stopping of goods going into a country
skills people use in order to produce goods and services
2
Which is an example of a CAPITAL resource?
Communicating
Writing
Reading
Computers
3
What is the value of goods and services produced within a country?
Clean Domestic Product
Gross Domestic Product
Currency
Money
4
A Mexican peso is an example of what?
Capital resource
Human resource
Currency
5
What is a tax placed on imported goods?
Capital resource
Import
Export
Tariff
6
An economy that is controlled by the government is called a(n)...
Mixed economy
Command economy
Market economy
Traditional economy
7
Which is an economic question?
How long to produce?
Where to produce?
For whom to produce?
How much is it going to cost?
8
Which is an example of a trade barrier?
Import
Embargo
Currency
Export
9
a product brought INTO a country is called a(n)....
Tariff
Import
Quota
Export
10
The United States is an example of what?
Oligarchy
Confederation
Democracy
Autocracy
11
A country's focus on making one specific good or service is what?
Trade
Quota
Specialization
Embargo
12
A person who starts their own business or organization is called a(n)....
entrepreneur
seller
consumer
13
An economy that is made up of more than one type of economy is called a what?
Market economy
Traditional economy
Mixed economy
