Duplicate of Trades Vocabulary

Question 1

A situation in which different people are doing different jobs.

Accepted Answer

Division of Labor

Question 2

Need new earbuds? Go to the store and buy them. Many different styles and colors! Cheap!

Accepted Answer

Market Economy

Question 3

A country that has poor services, low literacy rates, and a low standard of living

Accepted Answer

Developing Country

Question 4

What do we call an economic system that is left of center on the continuum?

Accepted Answer

socialism

Question 5

Buying from another country

Accepted Answer

Import

Question 6

Conditions that make people want to LEAVE a country

Accepted Answer

Push Factors

Question 7

Which is not a factor of production?

Accepted Answer

extensive advertising

Question 8

Mrs. McAndrews wants a new telescope. She works 18 hours a day making one by hand. Example of:

Accepted Answer

Subsistance Economy

Question 9

Which is not an attribute of pure market (capitalist) economies?

Accepted Answer

government regulations restrict or curtail production

Question 10

Which is not a problem of pure command economies?

Accepted Answer

lack of government oversight

Question 11

Mrs. Jones desired new books for the library, but the government did not plan well.

Accepted Answer

Command Economy

Question 12

Mr. Teegarden has to grow 5 tons of mangoes for the government. He sells the extras for cash.

Accepted Answer

Mixed Economy

Questions 12