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Economics I
Test Description: Economic Terms
Instructions: Answer all questions to get your test result.
1) Individuals make economic decisions about what to make,how much to produce, and what to charge
A
Profit
B
Market Economy
C
Common Goods
D
Debt
2) Trying harder than others
A
Services
B
Profit
C
Competition
D
Salary
3) when an area produces one product & must be interdependent with others
A
service
B
good
C
productivity
D
specialization
4) Something someone does
A
economics
B
consumer
C
good
D
service
5) Producing an object to satisfy a want
A
Service
B
Specialization
C
Good
D
Career
6) what a consumer is willing to pay
A
debt
B
profit
C
demand
D
supply
7) What a producers is willing and able to sell at various prices
A
demand
B
supply
C
producer
D
consumer
8) Exchange of goods or services rather than using money
A
barter
B
debt
C
profit
D
surplus
9) A need to trade to get needed supplies
A
saving
B
spending
C
surplus
D
Interdependence
10) A company owned by one person
A
profit
B
private ownership
C
corporation
D
cost
*select an answer for all questions
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