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