Economics Vocabulary Question Preview (ID: 55995)
Vocabulary Terms For Economics Unit Review.
TEACHERS: click here for quick copy question ID numbers.
Economic system based on culture and traditions.
a) Traditional Economy
b) Command Economy
c) Mixed Economy
d) Market Economy
Type of resource that includes the money, tools, equipment and buildings to help produce things.
a) Capital Resources
b) Human Resources
c) Natural Resources
d) Luxury Goods
Total value of all the goods and services produced by people from that country in a single year
a) Gross Domestic Product
b) Ugly Domestic Product
c) GDP per capita
d) Net Domestic Product
Things that people make
a) Goods
b) Services
c) Natural Resources
d) Human Resources
Type of resource that includes materials found in nature (mineral, soil, water, oil, etc.)
a) Natural Resource
b) Human Resources
c) Capital Resources
d) Usable Resources
Economic system based on ruler or government decisions.
a) Command Economy
b) Market Economy
c) Traditional Economy
d) Mixed Economy
Economic system based on the interaction between producers and consumers
a) Market Economy
b) Command Economy
c) Traditional Economy
d) Mixed Economy
Actions that people perform for others.
a) Services
b) Goods
c) Economics
d) Imports
Concentrating on producing what you make best.
a) Specialization
b) Economics
c) Importing
d) Exporting
When the price goes up, this goes down. When price goes down, this goes up
a) Consumer Demand
b) Producer Supply
c) Cost of Goods
d) Equilibrium Price
The issue of having unlimited wants but limited resources.
a) Problem of Scarcity
b) Problem of Equilibrium
c) Problem of Demand
d) Problem of Resources
When the price goes up, this goes up. When price goes down, it goes down.
a) Producer Supply
b) Consumer Demand
c) Cost of Goods
d) Equilibrium Price
Used up
a) Consumed
b) Produced
c) Imported
d) Exported
Type of resource that includes workers.
a) Human Resources
b) Capital Resources
c) Natural Resources
d) Unused Resources
Goods from foreign countries brought into a country for use or sale.
a) Imports
b) Exports
c) Services
d) Economics
Goods and services sold by producers in one country to buyers in other countries.
a) Exports
b) Imports
c) Services
d) Economics
Gross Domestic Product divided by its population.
a) GDP per capita
b) Cost of Goods
c) GDP per country
d) PDG per capita
Study of how goods and services are made and consumed; how people make their living; government policies.
a) Economics
b) Investing
c) Entrepreneurship
d) Sales
Economic system that most countries are.
a) Mixed Economy
b) Command Economy
c) Traditional Economy
d) Market Economy
The price at which quantity demanded by consumers equals quantity supplied by producers.
a) Equilibrium Price
b) Lowest Common Price
c) Inflation
d) Cost of Goods
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