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Economics
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A review of the basics of #economics terms
Flashcards
15 cards
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Questions
15
Answers
1
What is human capital?
skills people use in order to produce goods and services
tax placed on exported goods
machines and equipment used to produce goods and services
the stopping of goods going into a country
2
this trade barrier puts a stop to trade.
Embargo
Tariff
Economy
quota
3
A Mexican peso is an example of what?
Capital resource
Human resource
Currency
4
Which is an economic question?
How long to produce?
How much is it going to cost?
For whom to produce?
What to produce?
5
What is a tax placed on imported goods?
Import
Capital resource
Export
Tariff
6
What is the value of goods and services produced within a country?
Money
Clean Domestic Product
Currency
Gross Domestic Product (GDP)
7
An economy that is made up of more than one type of economy is called a what?
Market economy
Traditional economy
Mixed economy
8
Which is an example of a trade barrier?
Import
Embargo
Currency
Export
9
An economy that is controlled by the government is called a(n)...
Command economy
Mixed economy
Traditional economy
Market economy
10
What is a system of production, distribution, and consumption?
Economic system
Market economy
Traditional economy
Command economy
11
A country's focus on making one specific good or service is what?
Quota
Specialization
Trade
Embargo
12
a product brought INTO a country is called a(n)....
Quota
Tariff
Import
Export
13
A certain number of goods brought into a country is called what?
quota
embargo
economics
tariff
14
Which is an example of a CAPITAL resource?
Reading
Communicating
Writing
Computers
15
A person who starts their own business or organization is called a(n)....
entrepreneur
seller
consumer
