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Economy Study Guide
Test Description: Study the terms
Instructions: Answer all questions to get your test result.
1) involves the production distribution and consumption of products and services
A
trade
B
export
C
economy
D
consumer
2) things we must have to live such as food and water
A
needs
B
consumer
C
trade
D
economy
3) things we would like to have but do not need to survive
A
consumer
B
trade
C
wants
D
economy
4) products we buy
A
trade
B
consumer
C
goods
D
economy
5) something we pay other people to do for us
A
trade
B
services
C
economy
D
consumer
6) people who grow and raise food or make a prodcuts
A
producer
B
consumer
C
economy
D
trade
7) the person who buys a good or service
A
economy
B
consumer
C
trade
D
export
8) a way for countries to get the things their citizens need from other countries
A
economy
B
trade
C
consumer
D
export
9) bringing resources and good IN to one from FROM another
A
economy
B
export
C
trade
D
import
10) sending extra resources and good TO another country
A
import
B
trade
C
export
D
economy
11) term used when there is not enough of a good to be sold
A
surplus
B
shortage
12) term used when there is too much of a good to be sold
A
shortage
B
surplus
13) high supply + low demand =
A
very high price
B
very low price
14) low supply + great demand =
A
very high price
B
very low price
*select an answer for all questions
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