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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.
A
Mixed Economy
B
Command Economy
C
Traditional Economy
D
Market Economy
2) Type of resource that includes the money, tools, equipment and buildings to help produce things.
A
Human Resources
B
Luxury Goods
C
Natural Resources
D
Capital Resources
3) Total value of all the goods and services produced by people from that country in a single year
A
Gross Domestic Product
B
Net Domestic Product
C
GDP per capita
D
Ugly Domestic Product
4) Things that people make
A
Goods
B
Human Resources
C
Natural Resources
D
Services
5) Type of resource that includes materials found in nature (mineral, soil, water, oil, etc.)
A
Capital Resources
B
Natural Resource
C
Usable Resources
D
Human Resources
6) Economic system based on ruler or government decisions.
A
Command Economy
B
Mixed Economy
C
Traditional Economy
D
Market Economy
7) Economic system based on the interaction between producers and consumers
A
Market Economy
B
Mixed Economy
C
Command Economy
D
Traditional Economy
8) Actions that people perform for others.
A
Economics
B
Goods
C
Services
D
Imports
9) Concentrating on producing what you make best.
A
Exporting
B
Economics
C
Specialization
D
Importing
10) When the price goes up, this goes down. When price goes down, this goes up
A
Cost of Goods
B
Producer Supply
C
Consumer Demand
D
Equilibrium Price
11) The issue of having unlimited wants but limited resources.
A
Problem of Demand
B
Problem of Resources
C
Problem of Equilibrium
D
Problem of Scarcity
12) When the price goes up, this goes up. When price goes down, it goes down.
A
Cost of Goods
B
Producer Supply
C
Consumer Demand
D
Equilibrium Price
13) Used up
A
Produced
B
Exported
C
Imported
D
Consumed
14) Type of resource that includes workers.
A
Unused Resources
B
Human Resources
C
Natural Resources
D
Capital Resources
15) Goods from foreign countries brought into a country for use or sale.
A
Imports
B
Services
C
Economics
D
Exports
16) Goods and services sold by producers in one country to buyers in other countries.
A
Services
B
Economics
C
Exports
D
Imports
17) Gross Domestic Product divided by its population.
A
Cost of Goods
B
PDG per capita
C
GDP per country
D
GDP per capita
18) Study of how goods and services are made and consumed; how people make their living; government policies.
A
Sales
B
Entrepreneurship
C
Economics
D
Investing
19) Economic system that most countries are.
A
Command Economy
B
Traditional Economy
C
Market Economy
D
Mixed Economy
20) The price at which quantity demanded by consumers equals quantity supplied by producers.
A
Lowest Common Price
B
Inflation
C
Cost of Goods
D
Equilibrium Price
*select an answer for all questions
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