Economics Vocabulary Review

Economics Vocabulary Review

7th Grade

20 Qs

quiz-placeholder

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Economics Vocabulary Review

Economics Vocabulary Review

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Case Matthews

Used 21+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A community of people living a particular region and having shared customs, laws, and organizations.

Society

Specialization

Embargo

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most of the economic decisions are made based on customs and the habit of how such decisions were made in the past.

Market Economy

Command Economy

Traditional Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government planning groups make most of the basic economic decisions.

Market Economy

Command Economy

Traditional Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One in which society's economic decisions are made by individuals.

Market Economy

Command Economy

Traditional Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Located on a continuum between a pure market and a pure command economy.

Market Economy

Command Economy

Mixed Economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Both parties in the transaction see that they will be able to gain something from the exchange; ideally there is no government restriction or regulation, either between individuals or countries.

Voluntary Trade

Tariff

Embargo

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Products a country makes best and are in demand on the world market.

Specialization

Quota

Capital Goods

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