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Arnall - 7th Grade Economy Flashcards | StudBud
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Arnall - 7th Grade Economy
Arnall - 7th Grade Economy
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GMAS Review - 7th Grade Economy #gmas #7thgradesocialstudies #economy
Flashcards
20 cards
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Questions
20
Answers
1
How does voluntary trade help the economy?
it encourages specialization and usually means more profit
it only works when tariffs are in plance
the sort of trade involves many gov't regulations
it means prices will always be low
2
Which type of economy is base on traditions and customs of ancestors?
mixed
command
market
traditional
3
To halt trade with a particular country for economic or political reasons is known as
quota
embargo
tariff
trade
4
What does the GDP tell us about a country?
Its economic health
how old the country is
What they produce
how many people live there
5
Which is a part of a country's human capital?
skills and knowledge workers have
the amount of goods sold in foreign trade in a year
taxes collected from a country's workers
money paid to workers for producing goods
6
What school are you at?
Lee
Arnall
East Coweta
Madras
7
Why do most economies today operate somewhere between maket and command economies?
government control makes a market economy profitable
most economies need a mix of free market and gov't control
gov't control of some aspects has never been successful
most consumers prefer government control to a free market
8
What is an entrepreneur?
one who starts a business
A government official
a consumer
a person who buys goods
9
Why is a system of currency exchange necesssary for international trade?
all world currencies are worthless on the world market
goods bought internationally must be paid for in US dollars
all countries do not have the same type of currency
those buying goods want to be paid in gold and silver
10
What is a limit on the amount of certain goods allowed into a country?
embargo
tariff
quota
trade
11
In a command economy, how are economic decisions made?
consumers and the market
The government
custom and habit
combination of consumers and planners
12
How are decisions made in a market economy?
custom and habit
regular people
consumers and the market
government planners
13
What is gross domestic product (GDP)?
value of all the goods & services produced by small shops
total value of goods and services produced in a year
the value of all the products a coutry buys in a year
the amount of taxes collected in a year
14
What are capital resources?
the factories and machines used to make goods
workers who make goods and services
money spent to train workers to use technology
money available for scholarships to graduate schools
15
Who takes on the financial risk in starting a new business in a market economy?
individual business people
consumers
conbination of planners and investors
government planners
16
Why are most modern economies referred to as mixed economies?
products made by traditional economies have no markets
poverty is always highest in countries with market economies
government planners do notkow how to handle economic problem
most countries have aspects of all 3 economic types
17
What is this?
Mongoose
Cat
Anteater
Fox
18
What is a tax placed on goods coming into one country from another?
embargo
tariff
quota
trade
19
If you put money into a company or product you're making, you are doing what?
Crazy
Investing
Earning money
Wasting money
20
Why is specialization so valuable in international trade today?
it limits the amount of agriculture a country allows
countries produce what they are good at to buy goods
most countries make only one product very well
it keeps the prices low on goods that are imported
