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Econ Vocab
Test Description: Econ vocab review
Instructions: Answer all questions to get your test result.
1) Any money a person receives for goods, services, or investments
A
Entrepernuer
B
Producer
C
Scarcity
D
Income
2) A person who organizes and manages a business usually with a lot of risk
A
Product
B
Currency
C
Entrepreneur
D
Consumer
3) When supply is less than demand
A
Tariff
B
Scarcity
C
Consumer
D
Economics
4) A law or policy that limits international trade
A
Import
B
Surplus
C
Trade Barrier
D
Quota
5) To ship out goods and services to another country
A
Surplus
B
Import
C
Export
D
Economics
6) To block trade
A
Trade Barrier
B
Credit
C
Supply
D
Embargo
7) A person or group who makes goods and services
A
Producer
B
Investment
C
Consumer
D
Embargo
8) Trusting a buyer by giving the goods or services without immediate payment with the intention to pay later
A
Embargo
B
Import
C
Credit
D
Trade Barrier
9) The amount of something available
A
Investment
B
Income
C
Supply
D
Product
10) Putting currency into something the the intention of gaining currency over time
A
Economics
B
Investment
C
Entrepreneur
D
Import
11) The specific number of goods that need to be created, sold, imported, or exported
A
Quota
B
Expense
C
Surplus
D
Economics
12) A good or service created and made available by a company
A
Quota
B
Product
C
Tariff
D
Currency
13) Something used to pay for a good or service
A
Economics
B
Supply
C
Currency
D
Expense
14) A person or group who use goods or services
A
Entrepreneur
B
Income
C
Consumer
D
Export
15) The amount left over after demand is met
A
Economics
B
Supply
C
Surplus
D
Product
16) The study of how people meet their wants and needs
A
Economics
B
Scarcity
C
Expense
D
Quota
17) A tax on an imported good
A
Embargo
B
Tariff
C
Currency
D
Surplus
18) A good or services coming into a country from another
A
Export
B
Import
C
Supply
D
Credit
19) A cost associated with running a business or for goods and services
A
Credit
B
Expense
C
Income
D
Investment
*select an answer for all questions
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