Economy Question Preview (ID: 39374)
Economics Part 1.
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A political system in which the govt. own all property and runs a command economy
a) Socialism
b) Communism
c) Nationalism
d)
Any activities performed for a fee.
a) Goods
b) Demand
c) Services
d)
A person who buys good or services for personal use.
a) Consumer
b) Salesman
c) Banker
d)
A system in which businesses operate with little government involvement, such as a country with a market economy.
a) Communism
b) Free Enterprise
c) Nationalism
d)
The structure of economic life in a country.
a) Inflation
b) market
c) economy
d)
Paper or coins that a country uses for its money supply.
a) credit
b) currency
c) taxes
d)
An increase in overall prices.
a) inflation
b) imports
c) debt
d)
The amount of goods and services that consumers are willing and able to buy at a given time.
a) Services
b) Supply
c) Demand
d)
Objects or materials that humans can purchase to satisfy their wants and needs.
a) Supply
b) Goods
c) Services
d)
The gain or excess made by selling goods or services over their costs.
a) Inflation
b) credit
c) profit
d)
A required payment to a local, state, or national government.
a) tax
b) credit
c) fee
d)
The exchange of one good or service for another.
a) exports
b) barter
c) imports
d)
An amount of money that is owed.
a) interest
b) credit
c) debt
d)
Goods or services that a country sells and sends to other countries.
a) imports
b) exports
c) free trade
d)
A gain of money that comes typically from labor or capital.
a) income
b) credit
c) tax
d)
Trade among nations that is not affected by financial or legal barriers.
a) free enterprise
b) free trade
c) free merchandise
d)
Goods or services that a country brings in or purchases from another country.
a) exports
b) goods
c) imports
d)
The trade of goods and services
a) market
b) economy
c) free enterprise
d)
A system that allows consumers to pay for goods and services over time.
a) taxes
b) credit
c) loan
d)
A condition of limited resources and unlimited wants by people.
a) demand
b) free enterprise
c) scarcity
d)
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