What is GDP per capita?

how much the average person makes

Who makes a decision in a traditional economy?

traditions, beliefs, and customs of the society

the study of how a society produces and consumes goods

What is an entrepreneur?

a person who invests their money into a business

What is Gross Domestic Product (GDP)?

the amount of money a country makes a year

a small amount or lack of something

studbud

Economies Vocab

18 termsStudBud Administration3,779 plays

market command traditional economic systems

Flashcards18 cardsFPractice quizPHost liveL

Questions 18

Answers

1
Who makes the decisions in a market economy?
the dictator
the government
customs and traditions
the citizens
2
What is GDP per capita?
how much the average person makes
a high literacy rate and standard of living
how rich a country is
investing in education, healthcare, skills of employees
3
Who makes the decisions in a command economy?
government
customs and traditions
the citizens
a mix between the citizens and the government
4
In North Korea, the leader Kim Jong-un makes all the economic decisions. They have a:
command economic system
market economic system
traditional economic system
mixed economic system
5
What are the 3 major types of economies?
traditional, mixed, democratic
unitary, federal, confederation
traditional, market, command
autocratic, democratic, oligarchic
6
Which of the following is NOT a trade barrier?
embargo
currency
tariff
quota
7
What is an embargo?
a stop of all trade
central government has all the power
a government where citizens have no say
a limit on imported goods
8
Who makes a decision in a traditional economy?
traditions, beliefs, and customs of the society
the government
the citizens
the president
9
In Israel, the government and citizens share in the economic decision making. They have a:
command economic system
mixed economic system
traditional economic system
market economic system
10
What is economics?
type of money people use
the governing body of a nation, state, or community
the study of how a society produces and consumes goods
a shared belief in god or gods
11
What is the purpose of a trade barrier?
to exchange currencies globally
to slow down or stop trade
to build more trade ships
to promote trade in North America
12
What is an entrepreneur?
members in an oligarchy
the leader of a country
a person who invests their money into a business
a citizen who gets to vote
13
What is a quota?
a tax on imported goods
a stop of all trade
a limt on imported goods
a type of currency
14
Most countries in the world have what type of economy?
command
traditonal
market
mixed
15
What is Gross Domestic Product (GDP)?
businesses investing in cars, machinery, & technology
a stop of all trade
the amount of money a country makes a year
a country's standard of living
16
What is a tariff?
power divided between local and central
a tax on an imported good
stop of all trade
a limit on an imported good
17
What is scarcity?
citizens being able to vote
currency a country uses
type of economy where government has the control
a small amount or lack of something
18
In a small African village in Kenya, customs and traditions make the decisions. They have a:
command economic system
mixed economic system
market economic system
traditional economic system

Economies Vocab Flashcards | StudBud