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Economics - October Sky Vocabulary Quiz
Test Description: Economic Vocabulary related to October Sky integrated Project
Instructions: Answer all questions to get your test result.
1) The result of an inability to satisfy all of everyone's wants
A
Scarcity
B
Demand Curve
C
Opportunity Costs
D
Ability to Pay principle
2) Physical products businesses produce; tangible items of value
A
Services
B
Entrepreneurship
C
Goods
D
Production
3) This is the selecting of an item or action from a set of possible alternatives.
A
PACED Decision Making Guide
B
Choice
C
Expenditure
D
Opportunity Cost
4) In market economies, the reason for increasing, profit, interest, wages, and rent
A
Demand
B
Voluntary Exchange
C
Factors of Production
D
Incentive
5) All of the following are factors of production EXCEPT
A
Natural Resources
B
Human Resources
C
Capital Resources
D
Social Resources
6) Production of a limited variety of products by a business, region, or country
A
Specialization
B
Supply
C
Productivity
D
Embargo
7) A system in which the basic economic questions are generally answered by the government
A
Mixed
B
Market
C
Traditional
D
Command
8) Using markets as the primary means of organizing and coordinating production, is what type of system?
A
Market
B
Command
C
Traditional
D
Mixed
9) A governmental ban on trade with one or more other nations
A
Subsidy
B
Embargo
C
Quota
D
Tariff
10) A business organization that is owned by two or more people
A
corporation
B
sole proprietorship
C
partnership
D
Conglomerate
*select an answer for all questions
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