Economics Vocabulary Review Question Preview (ID: 46377)
Economics Vocabulary Test.
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The laws of supply and demand control
a) how much we pay for goods
b) irritates me
c) is important is a communist country
d) clever judgement and practical understanding
Supply and Demand
a) usually determines the price of an item
b) someone who buys goods or services
c) never effects the price of an item
d) a new idea or method or the use of a new idea or method
Define communism . . .
a) easily broken or damaged, requires special care
b) is an economic system based on public ownership of property in which no person profits from the work of others
c) is a form of government in which the common people hold political power and rule through elected officials
d) someone who buys goods or services
Which item is a want?
a) water
b) food
c) Designer Clothes
d) shelter
Define democracy . . .
a) is a form of government in which the common people hold political power and rule through elected officials
b) absolutely necessary, extremely important
c) is an economic system based on public ownership of property in which no person profits from the work of others
d) someone who makes, grows, or offers services
________________ is any economic or political system based on government ownership and control of important businesses and methods of production
a) Socialism
b) Democracy
c) Communism
d) consumer
In a democracy people own
a) businesses
b) always own a dog
c) are called communists
d) many cars and homes
An example of an innovation would be . . .
a) the first iPhone
b) to acquire items
c) someone who makes, grows, or offers services
d) an old shoe
Which of the following items is essential for life?
a) XBOX
b) water
c) designer clothes
d) Nike gym shoes
What is the definition of economics?
a) a new idea or method or the use of a new idea or method
b) someone who makes, grows, or offers services
c) is the careful use and management of money or of time, in which the wealth of a nation or region is used or made
d) showing clever judgement and practical understanding
Which item is a good?
a) tablet
b) uber driver
c) bus driver
d) doctor
Which item is a service?
a) candy
b) carrots
c) fast food worker
d) popcorn
Which item is a good?
a) carpenter
b) football player
c) teacher
d) crayola markers
Which item is a service?
a) pandolin
b) mechanic
c) pizza
d) windows
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