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