Economics Essential Vocab: Beginning of the Year

Question 1

Mr. Teegarden has to grow 5 tons of mangoes for the government. He sells the extras for cash.

Accepted Answer

Mixed Economy

Question 2

Conditions that make people want to LEAVE a country

Accepted Answer

Push Factors

Question 3

Mrs. Jones wants new books in the library. Government didn't plan well. No books this year.

Accepted Answer

Command Economy

Question 4

A situation in which different people are doing different jobs.

Accepted Answer

Division of Labor

Question 5

Buying from another country

Accepted Answer

Import

Question 6

A country that has poor services, low literacy rates, and a low standard of living

Accepted Answer

Developing Country

Question 7

Need new earbuds? Go to the store and buy them. Many different styles and colors! Cheap!

Accepted Answer

Market Economy

Question 8

The ocean located between the North America and Asia is the _____ Ocean.

Accepted Answer

Pacific

Question 9

No food

Accepted Answer

Famine

Question 10

Mrs. McAndrews wants a new telescope. She works 18 hours a day making one by hand. Example of:

Accepted Answer

Subsistance Economy

Questions 10