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Economics Review
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) The activity of buying, selling, or exchanging goods or servicies is called ...
A
opportunity cost
B
trade
C
goods
D
productivity
2) People or businesses that provide goods or services are called . . .
A
economics
B
goods
C
producers
D
service
3) The strand of Social STudies that deals with the way goods are produced, distributed, and used is called . .
A
consumer
B
producer
C
economics
D
price incentives
4) Someone who buys and uses goods and services is called a . . .
A
producer
B
consumer
C
trade
D
service
5) ______ means to focus on only one job or part of a job to work more efficiently.
A
productivity
B
trade
C
opportunity cost
D
specialization
6) Objects or things people want or need are called ___
A
producers
B
price incentivies
C
goods
D
trade
7) ___________ is the value or cost of what is given up when a choice is made.
A
opportunity cost
B
trade
C
productivity
D
specialization
8) The rate at which goods and services are produced is called
A
productivity
B
trade
C
price incentive
D
specialization
9) An action a person or business does for someone else is called a
A
opportunity cost
B
service
C
goods
D
price incentive
10) __________________ are used to motivate people's behavior and choices when buying something
A
trade
B
price incentives
C
productivity
D
opportunity cost
*select an answer for all questions
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