6th Grade Unit 6 Vocabulary Quizizz Review 3

A complete ban on trade

• quota

• embargo

• tariff

• blockaide

A government limit on the amount of things allowed such as imports, exports, employees, or transactions

• tariff

• embargo

• scarcity

• quota

An economic system with some government regulation, but driven by individual ownership of the factors of production and consumers buying decisions

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

Producing only what is necessary for personal use/survival

• subsistence production

• commercial production

• local production

• personal production

The measure of the quality of life in a country

• standard of living

• Capital Goods

• literacy rate

• Gross Domestic Product (GDP)

A tax on imports or exports.

• quota

• embargo

• tariff

• scarcity

The inputs needed for the creation of a good or service; land, labor, entrepreneurship, and capital

• Factors of Consumption

• Factors of Production

• Natural Resources

• Renewable Resources

The most fundamental economic problem is

• security

• scarcity

• natural resources

• specialization

The money that the government collects from individuals and businesses to pay for public goods and services.

• taxes

• profit

• services

• supply

Suppose you have a choice between two jobs. The first job as a mechanic pays 50$ an hour. At the second job as a nurse, you would be earning $40 per hour. What is the opportunity cost if you chose the nursing job?

• 40$ an hour

• 50$ an hour

• 10$ an hour

• there is no opportunity cost, both are great jobs