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