Economy Multiple Choice Test

A political system in which the govt. own all property and runs a command economy

Any activities performed for a fee.

A person who buys good or services for personal use.

A system in which businesses operate with little government involvement, such as a country with a market economy.

The structure of economic life in a country.

Paper or coins that a country uses for its money supply.

An increase in overall prices.

The amount of goods and services that consumers are willing and able to buy at a given time.

Objects or materials that humans can purchase to satisfy their wants and needs.

The gain or excess made by selling goods or services over their costs.

A required payment to a local, state, or national government.

The exchange of one good or service for another.

An amount of money that is owed.

Goods or services that a country sells and sends to other countries.

A gain of money that comes typically from labor or capital.

Trade among nations that is not affected by financial or legal barriers.

Goods or services that a country brings in or purchases from another country.

The trade of goods and services

A system that allows consumers to pay for goods and services over time.

A condition of limited resources and unlimited wants by people.

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