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Chapter 1 Vocabulary
Test Description: Review of key terms.
Instructions: Answer all questions to get your test result.
1) Process of choosing which needs and wants will be satisfied.
A
traditional spending
B
demand economics
C
economic decision making
D
capitalism
2) Individuals and organizations that determine what products and services will be available for sale.
A
managers
B
suppliers
C
consumers
D
producers
3) The method a country uses to answer the three economic questions.
A
economic system
B
command economy
C
capitalism
D
market mix
4) Things available to be used to produce goods and services.
A
resources
B
employees
C
capital
D
customers
5) Things that are required in order to live.
A
needs
B
products
C
goods
D
wants
6) Not having enough resources to satisfy every need.
A
support systems
B
renewable resources
C
scarcity
D
limited suppliers
7) Quantity of a good or service that businesses are willing and able to provide.
A
supply
B
economic decision making
C
demand
D
merchandising
8) Person who buys and uses goods and services.
A
manager
B
consumer
C
producer
D
employee
9) Economy in which resources are owned and controlled by the government.
A
economic system
B
command economy
C
democracy
D
capitalism
10) Things that you can see and touch.
A
supplies
B
goods
C
needs
D
resources
*select an answer for all questions
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