stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Terms-7th grade Flashcards | StudBud
Explore
/
Economic Terms-7th grade
Economic Terms-7th grade
22 terms
·
StudBud Administration
Practice Economic Terms
Flashcards
22 cards
F
Practice quiz
P
Host live
L
Questions
22
Answers
1
tax placed on an imported item
Trade
export
embargo
tariff
2
economic decisions are made based on customs and habits of the past
market economy
command economy
traditional economy
mixed ecomony
3
Trade without barriers is
embargo
import quota
free trade
globalization
4
goods and/or services shipped to another country
embargo
tariff
import
export
5
the act of bringing goods and services brought into another country
import
Tariff
export
specialization
6
an economic system in which people drive the decision made about the products and prices of a society
traditional
ethnicity
command
market
7
Human capital is
The demand, knowledge, and skills possessed by an individual
The skills, knowledge and money possessed by an individual
The skills, knowledge, and experience possessed by and individual
The knowledge, skills, and land possessed by an individual
8
Specialization
None of the above.
A special person.
When your not good at anything.
When you are really good at one specific thing.
9
when both parties in a transaction see that they can benefit or gain from the exchange
Cooperation
Voluntary Trade
Resources
Laws
10
Productive activity for economic gain
Capital
Scarcity
Entrepreneur
Labor
11
machines, factories, technology, and equipment used to create products
Specialization
Energy
Labor
Capital goods
12
What is a mixed economy?
The private ownership of economic
Making an economic decision independently
To dispose of things of value
Combines elements of the command and market economies
13
trade of goods and/or services for other goods and/or services
Embargo
Bartering
Entrepreneurship
Quota
14
original thinker who takes risks by creating new products and/or businesses
Entrepreur
human capital
Labor
embargo
15
A protective tariff
making an imported good more expensive than a locally made good
The south supported these tariffs more than the north
taxes on exports
taxes on exports
16
What is an Embargo?
When a country builds a canal
When a country bounce back from the L
A ban on trade
When a country endorses trade from other countries
17
Quota is..?
a tax on important goods
The maximum quantity of a product that may be brought in
New pools
Make in one sell in other
18
community of people that live in a region and share customs and laws
ethnic group
religion
society
quota
19
What is the Gross Domestic Product?
The amount of money that a country has
Total goods and services divided by population
The amount of exports in a country
The value of the goods and services produced by a country
20
something that slows down or prevents trade with another country
capital goods
human capital
trade barrier
GDP
21
Command Economy Meaning?
none of the above
one in which someones central authoirty to an item
one in which a central authority decides what goods will be produced
one in which someones central authority
22
What is currency exchange?
Changing one country's money for another's.
Investing in human capital
Trading goods and services
Increasing your country's GDP through investment
