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Economic Vocabulary Quiz 1. _________________ is the limited supply of something. a. market b. demand c. scarcity d. rate 2. In _____________ economy decisions are guided by the change in prices that occur between individual buyers and sellers in the market place. a. traditional b. market c. capitalism d. enterprise 3. In ______________ economy customs and habits of the past are used to decide what and how goods will be produce, distributed, and consumed. a. traditional b. command c. free d. economic 4. Each _____________ ___________ determines how to use it limited resources to answer the three basic economic questions. a. economic system b. free trade c. trade barrier d. market economy 5. In ___________ economy the government probably owns all the land and makes all the economic decisions. a. command b. traditional c. market d. free 6. _________ is a trade barrier that places taxes on imports. a. tariffs b. quotas c. euros d. rubles 7. _________ is a trade barrier that limits the number of imports that may enter a country. a. quotas b. tariffs c. embargo d. trading 8. The ___________ is the total value of all the goods and services produced in a country in one year. It tells how rich or how poor a country is. a. Gross Domestic Product (GDP) b. human capital c. standard of living d. literacy rate 9. This resource includes the educational training, skills, and health of workers in a business or a country is ___________________. To increase the GDP countries must invest in this. a. Human capital b. gross domestic product c. literacy rate d. standards 10. An _____________ is a person who starts a business using their own money. a. entrepreneur b. principal c. prime minister d. manager Questions: 1. What are the 3 basic economic questions answered in an economic system 2. Explain each using the RACE format. (10 points) 2. Describe the 4 different types of economic systems. Explain who answers the 3 economic questions in each. Which economic system do you feel is the best? Explain your answer. (10 points)
