Unit 4 Vocabulary Quiz

What is the definition of sanctions?

• A type of cash/money (paper and coin)

• A restriction on trade, travel, or assets of a country as a form of punishment

• A system of producing and exchanging goods and services

• Both the people and government have power/control in the economy

What is the definition of currency?

• A restriction on trade, travel, or assets of a country as a form of punishment

• A type of cash/money (paper and coin)

• A system of producing and exchanging goods and services

• Both the people and government have power/control in the economy

What is the definition of economy?

• Both the people and government have power/control in the economy

• A system of producing and exchanging goods and services

• A type of cash/money (paper and coin)

• A restriction on trade, travel, or assets of a country as a form of punishment

What is the definition of mixed economy?

• A type of cash/money (paper and coin)

• Both the people and government have power/control in the economy

• The people (customers) control the economy

• A restriction on trade, travel, or assets of a country as a form of punishment

What is the definition of market economy?

• A restriction on trade, travel, or assets of a country as a form of punishment

• The people (customers) control the economy

• A type of cash/money (paper and coin)

• Both the people and government have power/control in the economy

What is the definition of command economy?

• The people (customers) control the economy

• A type of cash/money (paper and coin)

• A restriction on trade, travel, or assets of a country as a form of punishment

• Government controls the economy

What is the definition of GDP (Gross Domestic Product)?

• Both the people and government have power/control in the economy

• A system of producing and exchanging goods and services

• A type of cash/money (paper and coin)

• How much a country’s economy is worth in dollar value

What is the definition of human capital?

• A type of cash/money (paper and coin)

• Both the people and government have power/control in the economy

• Knowledge and skills a person has that can be used to earn money

• A system of producing and exchanging goods and services

What is the definition of literacy?

• The ability to read and write

• A type of cash/money (paper and coin)

• A system of producing and exchanging goods and services

• Both the people and government have power/control in the economy

What is the definition of opportunity cost?

• Both the people and government have power/control in the economy

• A system of producing and exchanging goods and services

• A type of cash/money (paper and coin)

• Missing out on the good that comes from one thing by choosing another