Economics SS6E1/SS6E4

Determines the price people pay for goods and services (items).

• A. Law of Supply and Demand
• B. Command Economy
• C. Supply
• D. Demand

This is how many consumers want a particular good or service.

• A. Euro
• B. Supply
• C. Demand
• D. Embargo

Ways of limiting trade by tariffs, quotas, and embargoes.

• A. Free Economies
• B. Trade Barriers
• C. Tariffs
• D. Embargo

Economic level of people in the area

• a. Standard of Living
• b. scarcity
• c. trade barriers
• d. tariffs

The total value of all the goods and services produced in a country in one year.

• a. Gross Domestic Product (GDP)
• b. Economic systems
• c. European Union (EU)
• D. Free Trade Zone

A person who risks his or her own money, time, ideas, and energy to start and run a business.

• a. enterpreneur
• b. currency
  b. currency
• c. euro
• d. embargo

An economy in which customs and habits of the past decide what and how goods and services are produced, distributed, and consumed.

• a. mixed economy
• b. command economy
• c. traditional economy
• d. market economy

A government orders stopping trade with another country.

• a. euro
• b. demand
• c. quota
• d. embargo

This is an area where there are no tariffs between countries.

• a. free economies
• b. free trade zone
• c. demand
• d. embargo

This is a hands off approach to business by the government.

• a. lasisez-faire
• b. euro
• c. scarcity
• d. demand