Economics Vocabulary Question Preview (ID: 55995)


Vocabulary Terms For Economics Unit Review. TEACHERS: click here for quick copy question ID numbers.

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

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 down. When price goes down, this goes up
a) Consumer Demand
b) Producer Supply
c) Cost of Goods
d) Equilibrium Price

Concentrating on producing what you make best.
a) Specialization
b) Economics
c) Importing
d) Exporting

Actions that people perform for others.
a) Services
b) Goods
c) Economics
d) Imports

Economic system based on the interaction between producers and consumers
a) Market Economy
b) Command Economy
c) Traditional Economy
d) Mixed Economy

Economic system based on ruler or government decisions.
a) Command Economy
b) Market Economy
c) Traditional Economy
d) Mixed Economy

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

Things that people make
a) Goods
b) Services
c) Natural Resources
d) Human Resources

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

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

Economic system based on culture and traditions.
a) Traditional Economy
b) Command Economy
c) Mixed Economy
d) Market Economy

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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