Econ Vocab Test Review

Front

Characteristics of a traditional economic system:

Back

Built upon traditions, customs, and beliefs.

Front

Traditional economy depends on:

Back

agriculture, fishing, hunting and gathering

Front

Description of a free market economy:

Back

Based on supply and demand with minimal government control.

Front

In a command economy, decisions on production are made by:

Back

the government

Front

In a command economy, who decides the sale of goods?

Back

government

Front

Type of economic system with government & private business decisions?

Back

Mixed

Front

Key measure of economic growth:

Back

GDP

Front

Example of investment in human capital:

Back

education

Front

Type of GDP indicating average wealth in a country.

Back

GDP per capita

Front

High GDP per capita indicates...

Back

Higher standard of living