Economics Refresher

If a product must be safety tested before release, it is probably from this economic system.

In this type of economy, economic decisions are based on what its people want to buy and sell.

A(n) _____ is a punishment that prohibits a country from trading internationally.

Countries do business with one another because it benefits both. This is called __________.

People in this system produce what they need to survive by farming, or hunting and gathering.

Someone that takes a risk and starts a business is called a(n) _________.

A country creates products that they are good at producing, what is this called?

In this type of economy, producers may create inferior products to earn a higher profit.

This is the most common economic system that exists today.

Here's an easy question: What is petroleum?

The government controls what is produced and how it is produced in this type of economy.

An investment in a school's WiFi is an example of an investment in ___________.

A tax on imported goods is called a(n) _____.

A low literacy rate could result in which of the following?

The amount of goods and services produced within a country's borders is called its _________.

________ is the training and skills a worker has to produce a good.

This is the percentage of people over the age of 15 that can read and write in a country.

In this type of economy, the government regulates, but does not mandate, production.

In this type of economy, the government owns the resources and decides who gets what products.

A country may set these up to encourage people to buy local products.

In this type of economy, long lines to purchase goods are common.

Supply and demand determine what to produce and how to produce it, in this type of economy.

The _____________ is how much one currency is worth in terms of the other.

This type of trade barrier limits the amount of a product that is allowed into a country.

Generally, as literacy rates increase _______.

In this type of economy, jobs are usually passed down from generation to generation.

The means of production (factories, machines, & technology) are called __________.

An investment in a city's electrical grid is an example of an investment in _________.