Economics 2022-23

When there are not enough resources to produce everything people want and need it is called....

• Scarcity

• Tariff

• Trade Barrier

• Interdependence

Match the following:

• market-based economic system with limited government involvement

• Traditional Economy

• this system answers economic questions based on customs and values passed down from ancestors

• Mixed Economy

• this system answers economic questions based on supply and demand w/little or no government control

• Market Economy

• this system answers economic questions through strict government control and economic regulations

• Command Economy

The way in which a country produces and distributes goods and services is a(n)....

• natural resource.

• Tariff

• Economic System

• Exhange Rate

The total value of all goods and services produced by a country in one year is called.....

• Interdependence

• Human Capital

• Capital Goods

• Gross Domestic Product (GDP)

Match the following

• the knowledge and skills a worker gains through education and experience

• natural resources

• Buildings, machines, technology, and tools needed to produce goods and services.

• human capital

• materials found in nature that are used by living things

• capital goods

A person who takes the risks necessary to start a new business is considered a(n)....

• co-worker

• corporation

• entrepreneur

• government official

Match the following

• a limit on the quantity of an item brought into a country

• quota

• a ban on trade with a specific nation or group of nations

• embargo

• a tax placed on imported goods

• exchange rate

• how much one currency is worth when compared to another

• trade

• Exchange of goods and services

• tariff

Match the following

• the value of what is given up when one choice is made over another

• specialization

• when people or regions only focus on producing selected goods or services

• interdependence

• depending, or relying, on each other

• opportunity cost

• a government policy or restriction that limits international trade

• trade barrier