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.[print questions]

The value lost when one alternative is chosen over another
a) Specialization
b) Opportunity Cost
c) Surplus
d) Equilibrium

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

A rise in the general level of prices
a) Inflation
b) Recession
c) Unemployment
d) Ceiling

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 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

Land, labor, capital, and entrepreneurship
a) 3 Basic Economic Questions
b) Parts of GDP
c) Factors of Production
d) Causes of inflation

That part of the economy where labor and resources are sold
a) Product Market
b) Super Market
c) Stock Market
d) Factor Market

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

Person who takes the risk of a new business enterprise
a) Blue Collar Worker
b) Unemployed
c) Entrepreneur
d) Auditor

Social science dealing with the production, distribution, and consumption of goods and services
a) Geography
b) Economics
c) History
d) Psychology

The point in a business cycle when production, employment, and wages are at their highest
a) Trough
b) Expansion
c) Contraction
d) Peak

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

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

Paper money and coins that make up the money supply of a nation
a) profit
b) tariffs
c) Currency
d) taxes

One who buys goods or services for personal use
a) Exporter
b) Middle Man
c) Producer
d) Consumer

Economic system where the factors of production are privately owned
a) Communism
b) Capitalism
c) Oligopoly
d) Socialism

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

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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