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Economics Vocabulary Review
Test Description: Economics Vocabulary Test
Instructions: Answer all questions to get your test result.
1) What is the definition of economics?
A
someone who makes, grows, or offers services
B
a new idea or method or the use of a new idea or method
C
is the careful use and management of money or of time, in which the wealth of a nation or region is used or made
D
showing clever judgement and practical understanding
2) Which of the following items is essential for life?
A
XBOX
B
Nike gym shoes
C
designer clothes
D
water
3) An example of an innovation would be . . .
A
an old shoe
B
to acquire items
C
someone who makes, grows, or offers services
D
the first iPhone
4) In a democracy people own
A
are called communists
B
always own a dog
C
many cars and homes
D
businesses
5) ________________ is any economic or political system based on government ownership and control of important businesses and methods of production
A
consumer
B
Democracy
C
Communism
D
Socialism
6) Which item is a want?
A
shelter
B
food
C
Designer Clothes
D
water
7) Define democracy . . .
A
someone who makes, grows, or offers services
B
is a form of government in which the common people hold political power and rule through elected officials
C
absolutely necessary, extremely important
D
is an economic system based on public ownership of property in which no person profits from the work of others
8) Define communism . . .
A
someone who buys goods or services
B
is a form of government in which the common people hold political power and rule through elected officials
C
easily broken or damaged, requires special care
D
is an economic system based on public ownership of property in which no person profits from the work of others
9) Supply and Demand
A
someone who buys goods or services
B
never effects the price of an item
C
a new idea or method or the use of a new idea or method
D
usually determines the price of an item
10) The laws of supply and demand control
A
clever judgement and practical understanding
B
is important is a communist country
C
how much we pay for goods
D
irritates me
11) Which item is a good?
A
uber driver
B
bus driver
C
doctor
D
tablet
12) Which item is a service?
A
candy
B
popcorn
C
carrots
D
fast food worker
13) Which item is a good?
A
teacher
B
football player
C
crayola markers
D
carpenter
14) Which item is a service?
A
pandolin
B
mechanic
C
windows
D
pizza
*select an answer for all questions
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