7th grade
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economics | the study of how the people or countries manage (choose to use) their limited resources by the producing exchange and using goods and services
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| human capital | labor that is done by the people
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| capitol | the machine, tools, factories, land, and technology
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| natural resources | raw material used and to make products or "gift of nature"
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| renewable resources | can be used and replaced over a short period of time
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| nonrenewable resources | cannot be replaced over a short period of time
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| traditional economy | social and culture decides the goods and services that will be used
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| command economy | governments makes all of the deciding s
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| market economy | when the people decides on the goods and services
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| mixed economy | people and the governments share the role
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| import | goods brought into the country
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| export | good brought out of the country
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| currency | money
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| voluntary trade | voluntarily purchasing something where both groups
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| specialization | the developed of skills in a particular type work, such as trading
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| entrepreneur | someone who organizes, manages, and assume, business risk by bringing together natural
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| trade barriers | any law or practice that a government use to limited free trade between
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| tariff | tax
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| embargo | cutting off the import and export in that country
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| quota | limiting the amount of products
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| GDP | gross domestic products- the amount of product and services produced in one country
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| scarcity | the amount of that product is decreasing, which lead to higher prices
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| surplus | the amount of that product is increasing, which lead to increasing in prices
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| OPEC | the organization of the petroleum exporting country-sets the price for oil and the amount of oil produced
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| commodity | a valuable or useful in economics goods
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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