SW Asia Economies (SS7E5,6,7)

Question 1

When a company educates and trains its people in their job skill, it is:

Accepted Answer

investing in human capital

Question 2

This person has an idea for a good or service and takes the risks to produce it:

Accepted Answer

entrepreneur

Question 3

Total money value of everything produced in a country in 1 year

Accepted Answer

GDP

Question 4

What type of economy does the US have?

Accepted Answer

mixed

Question 5

The government controls everything in this type of economy:

Accepted Answer

command

Question 6

an economy where you do what your ancestors did

Accepted Answer

traditional

Question 7

In this type of economy, private businesses answer the 3 economic questions

Accepted Answer

market

Question 8

In terms of economies, the word PURE means?

Accepted Answer

100%

Question 9

This is a restriction on the amount of a good that can be imported:

Accepted Answer

quota

Question 10

What is a trade barrier?

Accepted Answer

something that prevents trade

Question 11

This is used by a country to pay for goods and services:

Accepted Answer

currency

Question 12

This forbids trade with another country:

Accepted Answer

embargo

Question 13

This is tax on imported goods:

Accepted Answer

tariff

Question 14

When countries are dependent on each other for goods and services

Accepted Answer

interdependence

Question 15

The products, items and technology a business needs to run and exceed

Accepted Answer

capital goods

Questions 15