Economics

Economic system where people follow the occupation of their ancestors

An entrepreneur is...

A company investing in capital goods would...

Which of the following BEST describes a market system?

A complete ban on trading between countries is a ...

An example of a physical trade barrier:

Which would be MOST helpful to improving a country's standard of living?

An example of human capital is...

How does a country's literacy rate affect its standard of living?

What are the three types of trade barriers?

A country should invest in human capital so that..

Jose has decided to open his car repair shop. Jose is an example of

When a country decides to increase a tariff, it increases the amount of tax placed on

In a traditional economy, goods and services are exchanged ...

Which of the following is NOT a basic question all economic systems must answer?

The 4 factors of production are 1. human capital; 2. capital resources 3. ____ & 4. ____

Which of the following is found in a market economy?

What is the main reason for people to exchange currency?

Economic system of communist countries is most closely related to:

Which of the following countries is closest to a pure market economy?

Most democratic nations have _____ economies

In a command economy, economic decisions are made by the ...

What are the three economic systems?

Limit on how many items of a particular product can be imported from a particular country

What is a literate person LEAST likely to have

Product of the earth ("gift of nature") people use to meet their needs

In a command economy, ___ owns the resources.