SS6 E1-13

Question 1

Economy that relies on history/customs. Found in small villages in developing countries

Accepted Answer

Traditional

Question 2

agreement signed by CANADA,US,& MEXICO to establish one of the world’s largest free-trade zones

Accepted Answer

NAFTA

Question 3

activity which slows or blocks the free exchange of goods and services between nations.

Accepted Answer

Trade Barrier

Question 4

International Trade requires ________ because countries all have different currency rates

Accepted Answer

Currency Exchange

Question 5

The percent of a nation’s population over the age of 15 who are able to read and write.

Accepted Answer

Literacy Rate

Question 6

a nation’s money

Accepted Answer

Currency

Question 7

System that places economic decisions in the hands of the people who are buying and selling

Accepted Answer

market

Question 8

a tax placed on imported goods.

Accepted Answer

Tariff

Question 9

The level of wealth and material comfort available to a people.

Accepted Answer

Standard of Living

Question 10

money received from work, investments, or other financial support

Accepted Answer

Income

Question 11

Select one of the 3 Basic Economic Questions.

Accepted Answer

How should the nation produce/provide the product/service?, What should the nation produce/provide?, For whom should the nation produce/service

Question 12

Select one of the 3 types of Economies?

Accepted Answer

Market, Traditional, Command

Question 13

all trade with a country is blocked/shut down

Accepted Answer

Embargo

Question 14

Focusing on a narrow range of products/services to produce or provide.

Accepted Answer

Specialization

Question 15

money set aside for later use or in case of emergencies

Accepted Answer

Savings

Question 16

term used to describe the blending of all modern world economies

Accepted Answer

Mixed Economies

Question 17

the estimated total value of all the final goods & services produced in a nation in one year

Accepted Answer

Gross Domestic Product

Question 18

Limit on imported goods

Accepted Answer

Quota

Question 19

a loan of money

Accepted Answer

Credit

Question 20

a plan for spending and saving one’s income

Accepted Answer

Budget

Question 21

a material on or in the earth that has economic value.

Accepted Answer

Natural Resources

Question 22

people who risk their own money to start a new business or service.

Accepted Answer

Entrepreneurs

Question 23

economic and political union of 28 European nations

Accepted Answer

European Union

Question 24

Economy in which the government has the power over financial management of the country

Accepted Answer

Command

Question 25

the factories, machines, technology, etc. that are necessary to sustain a service or industry.

Accepted Answer

Capital Goods

Question 26

Trade in which both partners freely agree to and benefit from the exchange of goods/services.

Accepted Answer

Voluntary Trade

Question 27

The investment in the education, training, and relative of a nation’s labor force.

Accepted Answer

Human Capital

SS6 E1-13

Questions 27

SS6 E1-13

Questions 27