Chapter 7 Test: Question Preview (ID: 11433)

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A plan that determines how money will be spent
a) inflation
b) resource
c) budget
d) barter

an increase in prices when manufacturers cannot meet the demands of consumers
a) consumer
b) demand
c) employer
d) inflation

a valueable product, such as electricity, that people need
a) resource
b) consumer
c) inflation
d) budget

a business that makes products consumers buy
a) barter
b) manufacturer
c) inflaton
d) consumer

trade goods for other goods
a) consumer
b) resource
c) barter
d) inflation

those who buy or use a product
a) consumer
b) resource
c) employer
d) barter

the boss who pays the employee for working
a) budget
b) resource
c) inflation
d) employer

things a person must have to live
a) standard of living
b) wants
c) needs
d) supply

the amount of products that businesses produces
a) supply
b) needs
c) wants
d) demand

an economic measure of how well people in a country live
a) mint
b) supply
c) standard of living
d) demand

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