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Economic Terms

Authored by Tiffany Adkins

Social Studies

7th Grade

Used 18+ times

Economic Terms
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

trade without barriers or conditions

voluntary trade

sanction

Gross Domestic Product (GDP)

natural resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country produces what they can make most efficiently, so they can trade for what they can't make

specialization

human capital

voluntary trade

natural resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mountains, rivers, deserts, etc. that can block trade between people or countries

voluntary trade

capital goods

natural trade barriers

quota

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a limit on an item that can be imported

human capital

quota

specialization

literacy rate

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a tax on an item that is imported

tariff

quota

Gross Domestic Product (GDP)

literacy rate

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

this are created for political reasons to slow down trade: tariff, quota, embargo

capital goods

voluntary trade

political trade barriers

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The percentage of a country's people who can read and write

voluntary trade

entrepreneurship

human capital

literacy rate

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