Economics EOC Review #1 - Economic Basics For High School Question Preview (ID: 40113)
This Review Is For High School Students Preparing For The Georgia EOC Test After The New GSE Standards Of 2017.
This Review Will Focus On Basic Terms From The Many Different Units Within The Semester.
TEACHERS: click here for quick copy question ID numbers.
What is the term used for Equipment and Factories used in the production of goods and services
a) Capital
b) Deficit
c) Equilibrium
d) Aggregate
Economic system where the factors of production are privately owned
a) Communism
b) Capitalism
c) Oligopoly
d) Socialism
One who buys goods or services for personal use
a) Exporter
b) Middle Man
c) Producer
d) Consumer
Paper money and coins that make up the money supply of a nation
a) profit
b) tariffs
c) Currency
d) taxes
Amount of a good or service that consumers are willing and able to buy at a given price at a give time
a) Elastic
b) Equilibrium
c) Supply
d) Demand
Separating tasks in the process of production; assigning different tasks to different workers
a) Division of Labor
b) Unions
c) White Collar Worker
d) Entrepreneur
Social science dealing with the production, distribution, and consumption of goods and services
a) Geography
b) Economics
c) History
d) Psychology
Person who takes the risk of a new business enterprise
a) Blue Collar Worker
b) Unemployed
c) Entrepreneur
d) Auditor
Determined by the intersection of the supply and demand curves on a graph
a) Equilibrium Price
b) Production Possibilities Curve
c) Tax Rate
d) Surplus
That part of the economy where labor and resources are sold
a) Product Market
b) Super Market
c) Stock Market
d) Factor Market
Land, labor, capital, and entrepreneurship
a) 3 Basic Economic Questions
b) Parts of GDP
c) Factors of Production
d) Causes of inflation
A cost that does not change from month to month; a predictable part of an individual or business budget
a) Variable Expense
b) Fixed Expense
c) Inelastic
d) Luxury Good
total value of all the goods and services produced within a country in a given year
a) Production Possibilities Curve
b) Opportunity Cost
c) Specialization
d) Gross Domestic Product
A rise in the general level of prices
a) Inflation
b) Recession
c) Unemployment
d) Ceiling
Study of an economy as a whole
a) Market Economy
b) Microeconomics
c) Macroeconomics
d) Laissez-faire Economics
When one company controls the market for a certain product; no competition
a) Oligopoly
b) Market
c) Monopoly
d) Partnership
The value lost when one alternative is chosen over another
a) Specialization
b) Opportunity Cost
c) Surplus
d) Equilibrium
The point in a business cycle when production, employment, and wages are at their highest
a) Trough
b) Expansion
c) Contraction
d) Peak
The difference between revenue received and the cost of production
a) Profit
b) Loss
c) Shortage
d) Entrepreneurship
A share of ownership in a corporation
a) Certificate of Deposit
b) Mutual Fund
c) Stock
d) Bond
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