Basic Economics Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | The buyer or user of a good or service.
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| show | The maker of a good or provider of a service.
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| GDP | show 🗑
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| Command Economy | show 🗑
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| Developed Country | show 🗑
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| Embargo | show 🗑
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| show | When countries focus on producing certain goods to be able to make them more efficiently and quickly.
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| show | To add variety to something.
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| Quota | show 🗑
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| Traditional Economy | show 🗑
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| show | A country that has few industries, low technology level, low GDP, and a low standard of living.
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| show | Type of economy where all economic decisions are made by producers and consumers.
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| show | A person who begins a project (usually a business), especially when it takes initiative and has risk.
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| Demand | show 🗑
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| show | Type of economy has some government controls, but also gives freedoms to producers and consumers.
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| show | Not enough for all wants/needs.
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| show | The amount of goods and services available to consumers.
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| Tariff | show 🗑
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| Imports | show 🗑
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| Surplus | show 🗑
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| Exports | show 🗑
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| show | An exchange of goods or services that is done because both parties wish to. It always benefits both parties.
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| show | The level of the peoples' wants and needs that are met by a society.
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| show | Money given by the government to a business or industry in order to help keep the cost of a product or service low.
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| show | Economic penalties that a government places on another country to limit trade as a punishment.
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| show | Education and training of a the workers in a country.
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| show | The percentage of adults in a country that can read and write.
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| Capital Goods | show 🗑
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| show | Materials such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
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| show | The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
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| show | The total value of all the goods and services produced in a country in a year divided by the number of people living in the country.
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| show | The possible benefits missed out on when choosing one alternative over another
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| Law of Supply and Demand | show 🗑
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| Currency | show 🗑
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| Exchange Rate | show 🗑
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| Political Trade Barrier | show 🗑
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| show | Spending money on something now in order to benefit from it in the future
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| show | The work that people do to produce goods and services
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| Economic System | show 🗑
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| Economic Continuum Line | show 🗑
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| show | What to produce? How to produce it? For whom to produce it?
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| Public Sector | show 🗑
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| show | The part of the economy owned by individuals and corporations
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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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