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Econ Vocab
Test Description: Econ vocab review
Instructions: Answer all questions to get your test result.
1) Any money a person receives for goods, services, or investments
A
Producer
B
Scarcity
C
Income
D
Entrepernuer
2) A person who organizes and manages a business usually with a lot of risk
A
Currency
B
Consumer
C
Product
D
Entrepreneur
3) When supply is less than demand
A
Tariff
B
Scarcity
C
Economics
D
Consumer
4) A law or policy that limits international trade
A
Trade Barrier
B
Import
C
Quota
D
Surplus
5) To ship out goods and services to another country
A
Export
B
Economics
C
Surplus
D
Import
6) To block trade
A
Supply
B
Trade Barrier
C
Credit
D
Embargo
7) A person or group who makes goods and services
A
Consumer
B
Investment
C
Embargo
D
Producer
8) Trusting a buyer by giving the goods or services without immediate payment with the intention to pay later
A
Credit
B
Embargo
C
Import
D
Trade Barrier
9) The amount of something available
A
Product
B
Investment
C
Supply
D
Income
10) Putting currency into something the the intention of gaining currency over time
A
Investment
B
Import
C
Entrepreneur
D
Economics
11) The specific number of goods that need to be created, sold, imported, or exported
A
Surplus
B
Expense
C
Quota
D
Economics
12) A good or service created and made available by a company
A
Currency
B
Tariff
C
Product
D
Quota
13) Something used to pay for a good or service
A
Expense
B
Economics
C
Supply
D
Currency
14) A person or group who use goods or services
A
Export
B
Consumer
C
Entrepreneur
D
Income
15) The amount left over after demand is met
A
Economics
B
Supply
C
Product
D
Surplus
16) The study of how people meet their wants and needs
A
Scarcity
B
Quota
C
Expense
D
Economics
17) A tax on an imported good
A
Tariff
B
Currency
C
Embargo
D
Surplus
18) A good or services coming into a country from another
A
Credit
B
Export
C
Supply
D
Import
19) A cost associated with running a business or for goods and services
A
Credit
B
Expense
C
Investment
D
Income
*select an answer for all questions
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