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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?

Aa new idea or method or the use of a new idea or method Bshowing clever judgement and practical understanding Csomeone who makes, grows, or offers services Dis the careful use and management of money or of time, in which the wealth of a nation or region is used or made

2) Which of the following items is essential for life?

Awater BXBOX CNike gym shoes Ddesigner clothes

3) An example of an innovation would be . . .

Aan old shoe Bsomeone who makes, grows, or offers services Cto acquire items Dthe first iPhone

4) In a democracy people own

Abusinesses Bmany cars and homes Calways own a dog Dare called communists

5) ________________ is any economic or political system based on government ownership and control of important businesses and methods of production

ASocialism BDemocracy Cconsumer DCommunism

6) Which item is a want?

Afood BDesigner Clothes Cwater Dshelter

7) Define democracy . . .

Ais an economic system based on public ownership of property in which no person profits from the work of others Bsomeone who makes, grows, or offers services Cabsolutely necessary, extremely important Dis a form of government in which the common people hold political power and rule through elected officials

8) Define communism . . .

Ais a form of government in which the common people hold political power and rule through elected officials Bis an economic system based on public ownership of property in which no person profits from the work of others Csomeone who buys goods or services Deasily broken or damaged, requires special care

9) Supply and Demand

Aa new idea or method or the use of a new idea or method Bsomeone who buys goods or services Cnever effects the price of an item Dusually determines the price of an item

10) The laws of supply and demand control

Ais important is a communist country Birritates me Chow much we pay for goods Dclever judgement and practical understanding

11) Which item is a good?

Abus driver Bdoctor Ctablet Duber driver

12) Which item is a service?

Acandy Bpopcorn Ccarrots Dfast food worker

13) Which item is a good?

Acarpenter Bcrayola markers Cfootball player Dteacher

14) Which item is a service?

Awindows Bpandolin Cpizza Dmechanic

*select an answer for all questions

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