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Economics I
Test Description: Economic Terms
Instructions: Answer all questions to get your test result.
1) Individuals make economic decisions about what to make,how much to produce, and what to charge
A
Market Economy
B
Common Goods
C
Debt
D
Profit
2) Trying harder than others
A
Profit
B
Competition
C
Salary
D
Services
3) when an area produces one product & must be interdependent with others
A
productivity
B
service
C
good
D
specialization
4) Something someone does
A
consumer
B
service
C
good
D
economics
5) Producing an object to satisfy a want
A
Career
B
Service
C
Specialization
D
Good
6) what a consumer is willing to pay
A
profit
B
demand
C
debt
D
supply
7) What a producers is willing and able to sell at various prices
A
producer
B
consumer
C
demand
D
supply
8) Exchange of goods or services rather than using money
A
debt
B
surplus
C
profit
D
barter
9) A need to trade to get needed supplies
A
saving
B
spending
C
Interdependence
D
surplus
10) A company owned by one person
A
private ownership
B
cost
C
profit
D
corporation
*select an answer for all questions
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