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More Economics Vocab
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) Coins, paper bills, and checks used to buy basic needs and wants (used in exchange for goods and services)
A
Supply
B
Money
C
Profit
D
Consumer
2) A person or business that supplies goods and/or services
A
Producer
B
Consumer
C
Goods
D
Resources
3) a person who uses goods and services Example: A consumer uses clothes by wearing them
A
Resources
B
Goods
C
Producer
D
Consumer
4) the choice of or decision among alternatives or possibilities
A
Opportunity Cost
B
Scarcity
C
Economic Choice
D
Capital Resources
5) Goods made by people and used to produce other goods and services (hammers, computers, trucks, lawn mowers, machines, factory buildings)
A
Entrepreneurship
B
Natural Resources
C
Capital Resources
D
Human Resources
6) people working to produce goods and services (farmers, miners, builders, painters)
A
Entrepreneurship
B
Capital Resources
C
Human Resources
D
Natural Resources
7) materials that come from nature (water, soil, wood, coal)
A
Natural Resources
B
Human Resources
C
Entrepreneurship
D
Capital Resources
8) Communism/Socialism/Dictatorships are associated with
A
Free Market Economies
B
Command Economies
C
Traditional Economies
D
Mixed Economies
9) The United States/Canada/Australia have
A
Free Market Economies
B
Command Economies
C
Mixed Economies
D
Traditional Economies
10) True Free Market Economies Exist
A
False
B
True
*select an answer for all questions
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