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2.01 Economic Systems Vocabulary
Test Description: Chapter 2
Instructions: Answer all questions to get your test result.
1) This resource is used to produce goods and services such as buildings, materials, and equipment
A
Human
B
Capital
C
Natural
D
Entrepreneurial
2) Which economic systems is controlled by the government only
A
Mixed
B
Command
C
Market
D
Traditional
3) The United States has a combination of market and command which ecomony is this
A
Traditional
B
Command
C
Mixed
D
Free Enterprise
4) This resources is found in nature that are uded toproduce goods
A
Capital
B
Entrepreneurial
C
Human
D
Natural
5) If an individual is willing to consume more of a product or service if the price is
A
High
B
Same
C
Low
D
In between
6) When the price is high the demand is what
A
In between
B
high
C
low
D
same
7) When the price is low what happens to the demand
A
low
B
high
C
in between
D
smae
8) Which economy is based on customs. Which is based on traditions
A
Market
B
Command
C
Traditional
D
Mixed
9) What is the primary goal of an economic system?
A
provide people with resources
B
provide people with a miniumum stanadrd of living
C
provide people with supply and demand
D
provide people with good benefits and income
10) Shortage of resources means
A
minimum
B
short
C
scaracity
D
limited
11) In a free market who determine the demand of a product
A
Government
B
Customers
C
Marketplace
D
Consumers
12) The point at which the supply and demand curve meet
A
supply curve
B
demand curve
C
equilibrium price and quantity
D
supply and demand graph
13) What does the supply and demand graph shows
A
how the supply is produced
B
free market
C
how the good or service is determine
D
changes in a products demand or supply
14) Which economy guarantees equal standard of living for everyone
A
Traditional
B
Free Enterprise
C
Mixed
D
Command
15) Thiseconomy is controlled by the government and marketplace
A
Market
B
Mixed
C
Traditional
D
Command
16) The study of how individuals and socieites seek to satisfy need and wants
A
Marketplace
B
Supply and Demand
C
Economics
D
Resources
17) When the price is above the equilibrium price, fewer people are willing to buy if the price is
A
high
B
low
C
neutral
D
in between
18) When the price is below the equilibrium price many people are willing to buy a lot of the product if the price is
A
low
B
neutral
C
same
D
high
19) Who competes to make a profit
A
demand
B
profit motive
C
buyers
D
sellers
20) Which one does not use technology
A
Amish
B
China
C
Cuba
D
England
*select an answer for all questions
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