Economic Vocab Question Preview (ID: 62410)


Economic Vocabulary. TEACHERS: click here for quick copy question ID numbers.

_________ is a system of producing, selling, and buying goods and services
a) Economy
b) Scarcity
c) Opportunity cost
d) Profit

When there are not enough resources to meet people's wants is called?
a) Opportunity cost
b) Economy
c) Scarcity
d) Factors of Production

The value of the thing you give up in the tradeoff is callled?
a) Scarcity
b) Opportunity cost
c) Profit
d) Factors of Production

What is the money and individual or business has left after paying taxes?
a) Profit
b) Factors of production
c) Income
d) Contraction

Workers sell their labor in exchange for payment, called?
a) Contraction
b) Expansion
c) Economic Interdependence
d) Income

The work that people do is based on long-established customs, is known as?
a) Traditional economy
b) Command economy
c) Market economy
d) Mixed economies

When the government controls the economy, it is known as?
a) Market economy
b) Traditional economy
c) Command economy
d) Mixed economy

When the economy is based on private ownership, free trade, and competition, it is called
a) Market economy
b) Traditional economy
c) Mixed economy
d) Command economy

Most countries have a ______________ , which combine elements of traditional, market, and command economic systems.
a) Market economy
b) Traditional economy
c) Command economy
d) Mixed economy

Government goods and services that the public consumes are called?
a) Public goods
b) Service industries
c) Retail industries
d) Wholesale industries

Businesses that sell goods and products to other businesses is called?
a) Wholesale industries
b) Retail industries
c) Service industries
d) Agricultural industries

What represents the value of all goods and services produced within a country by anyone, including non-citizens, in a year?
a) Developed countries
b) Service industries
c) Gross domestic product (GDP)
d) Manufacturing industries

Many of the world's wealthiest and most power nations are ______________, wit hstrong economies and a high quality of life.
a) Gross domestic product (GDP)
b) Developing countries
c) Barter
d) Developed countries

The amount of interest paid is determined by the ________, which is usually a percentage of the total amount of money in the customer's account.
a) Interest rate
b) Store of value
c) Medium of exchange
d) Assets

___________ is income not spent on immediate wants.
a) Assets
b) Investments
c) Savings
d) Globalization

__________ is the use of money today in a way that earns future benefits.
a) Investment
b) Savings
c) Assets
d) Globalization

The process in which countries are increasingly liked to each other through culture and trade is called?
a) Popular culture
b) Trade barrier
c) Free trade
d) Globalization

A _______ is any law that limits free trade between nations.
a) Investments
b) Trade barrier
c) Free trade
d) Assets

______ removes trade barriers between nations.
a) Globalization
b) Assets
c) Free trade
d) Trade barriers

Savings and investments are good ways to gain ______.
a) Globalization
b) Assets
c) Trade barrier
d) Free trade

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