Economics Vocabulary

Test Description: Vocabulary terms for Economics unit review

Instructions: Answer all questions to get your test result.

1) Economic system based on culture and traditions.

2) Type of resource that includes the money, tools, equipment and buildings to help produce things.

3) Total value of all the goods and services produced by people from that country in a single year

4) Things that people make

5) Type of resource that includes materials found in nature (mineral, soil, water, oil, etc.)

6) Economic system based on ruler or government decisions.

7) Economic system based on the interaction between producers and consumers

8) Actions that people perform for others.

9) Concentrating on producing what you make best.

10) When the price goes up, this goes down. When price goes down, this goes up

11) The issue of having unlimited wants but limited resources.

12) When the price goes up, this goes up. When price goes down, it goes down.

13) Used up

14) Type of resource that includes workers.

15) Goods from foreign countries brought into a country for use or sale.

16) Goods and services sold by producers in one country to buyers in other countries.

17) Gross Domestic Product divided by its population.

18) Study of how goods and services are made and consumed; how people make their living; government policies.

19) Economic system that most countries are.

20) The price at which quantity demanded by consumers equals quantity supplied by producers.


*select an answer for all questions

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