Unit 1 Economic Systems Vocabulary Assessment 2025

Front

Type of economy that depends on agriculture and bartering, where decisions are based on customs, beliefs or habits.

Back

Traditional Economy

Front

Economy where decisions are made at an individual, rather than a government, level. (Buyers and sellers answer the three economic questions of what, how, and for whom to produce items for.)

Back

Market Economy

Front

An economic system that has characteristics of both command and market economies.

Back

Mixed Economy

Front

An economy where production, investment, prices, and incomes are determined centrally by a government.

Back

Command Economy

Front

A tax paid on imported goods.

Back

Tariff

Front

_____________________ is when a country focuses on producing goods and services that they can do best and trades for what they are unable to produce.

Back

Specialization

Front

A government order stopping trade with another country.

Back

Embargo

Front

A specific limit placed on the number of imports that may enter a country.

Back

Quota

Front

The percentage of people in a country who are able to read and write.

Back

Literacy Rate

Front

Total value of final goods and services produced within a country in one year.

Back

Gross Domestic Product