Lessons 6 and 7

A

100

BUYERS of goods and services.

a. consumer

b. producer

a. consumer

200

the study of how people meet their wants and needs

a. economics

b. Gross Domestic Product

c. Methods of increasing development

a. economics

300

a tax placed on imports and/or exports

a. embargo

b. credit

c. expenses

d. tariff

d. tariff

400

occurs when producers and consumers are in DIFFERENT countries 

a. domestic trade

b. foreign trade

c. free trade

d. trade barriers

b. foreign trade

500

What are the three factors of production?

a. supply, demand, market

b. land, labor, capital

c. producers, consumers, market

b. land, labor, capital

B

100

How much something is wanted or needed.

a. supply

b. expenses

c. demand

c. demand

200

obstacles put in place by the government to protect domestic producers 

a. domestic trade

b. foreign trade

c. trade barriers

d. free trade

c. trade barriers

300

countries with higher standards of living and stronger economies 

a. developing countries

b. developed countries

b. developed countries

400

a plan to keep income greater than or equal to expenses 

a. budget

b. credit

c. income

d. expenses

a. budget

500

economy based on the decisions of individual producers and consumers 

a. mixed economy

b. command economy

c. market economy

d. traditional economy

c. market economy

C

100

money borrowed that needs to be repaid with interest 

a. income

b. budget

c. credit

d. expenses 

c. credit

200

An organized social institution that allows producers and consumers to trade goods and services. 

a. market

b. economics

c. land

d. capital 

a. market

300

goods being brought into a country from another country

a. import

b. export

c. expenses

a. import

400

the removal of trade barriers between countries

a. foreign trade

b. trade barriers

c. free trade

d. domestic trade

c. free trade

500

a combination of economic systems; almost every economy used by people in countries around the world could be considered this 

a. mixed economy

b. command economy

c. market economy

d. traditional economy

a. mixed economy

D

100

How available something is. 

a. supply

b. demand

c. expenses

d. budget

a. supply

200

money earned after taxes

a. income

b. credit

c. expenses

d. budget 

a. income

300

a limit placed on imports

a. embargo

b. quota

c. tariff

d. expenses

b. quota

400

the EXCHANGE of goods and services in a market 

a. economics

b. trade

c. quota

d. embargo

b. trade

500

economy in which the central government makes all economic decisions 

a. mixed economy

b. command economy

c. market economy

d. traditional economy

b. command economy

E

100

Make goods and services.

a. consumers

b. producers

b. producers

200

a ban on trade with a country

a. free trade

b. embargo

c. tariff

d. quota

b. embargo

300

money spent on needs and wants

a. income

b. credit

c. expenses

d. budget

c. expenses

400

occurs when producers and consumers are within the SAME country 

a. free trade

b. trade barriers

c. foreign trade

d. domestic trade

d. domestic trade

500

economy based on customs and values of a group of people; it is the least common economy. 

a. mixed economy

b. command economy

c. market economy

d. traditional economy

d. traditional economy