Economy Types
Slow Down Trade
Money, Money, Money
Let the Economy Grow
Let's Get Random
100

The type of economy is determined by how these questions are answered.

What are the 3 economic questions?

100

These are things the government does to slow down or stop trade with another country.

What are Trade Barriers?

100

Money

What is Currency?

100

Things that contribute to the growth of the economy.

What are Factors of Economic Growth?

100

The percentage of a country's population over 15 years old who can read and write.

What is Literacy Rate?

200

Everything you make is going to be the same thing that your parents made, the same way they made it, and for your local village. You barter for everything you have and need.

What is Traditional Economy?

200

Tax on imported goods.

What is a tariff?

200

Trading one country's currency for another's.

What is currency exchange?

200

Training, knowledge, education, and experience that workers have.

What is Human Capital?

200

Gross Domestic Product.

What does GDP stand for?

300

The three economic questions are answered based on what people want to produce and what they want to buy. The government has nothing to do with this economy.

What is a Market Economy?

300

Limit on the amount of a product that can be imported in one year.

What is a quota?

300

The value of one country's currency compared to another's.

What is Exchange Rate?

300

Products that companies use to produce their goods.

What are capital goods?

300

Value of all goods and services produced in a country in one year.

What is Gross Domestic Product (GDP)?

400

All three of the economic questions are answered by the government. Government owns everything and has absolute control over everything in the economy.

What is a Command Economy?

400

Stops trade completely with another nation.

What is an embargo?

400
Goods that are brought into a country from another.

What are imports?

400

Things that are found in nature that we use to make things.

What are Natural Resources?

400

per person

What is per capita?

500

A mixture of both a market and command economy.

What is a Mixed Economy.

500

Makes trade illegal for its citizens.

What is an Embargo?

500

Goods sent to another country.

What are exports?

500

People who risk their time and money to start a new business, invent a new product, or develop a new, more efficient way to do something.

What are entrepreneurs?

500

More accurate metric to compare the economies of two or more countries.

What is GDP per capita?

Click to zoom