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