Chapter 4 Test

Front

Needs are things that you must have to survive. True or False?

Back

True

Front

A ____________ is one in which producers have the right to create any goods or services they want. (hint pg. 134)

Back

Free Enterprise System

Front

Is the government a producer and consumer in our economy? ( hint pg. 136)

Back

Yes

Front

A rise in the usual price of many goods and services is called ____________ . (hint pg. 141)

Back

Inflation

Front

_________ is the amount of a product that consumers are willing to buy. (hint pg. 144)

Back

Demand

Front

What is it called when a resource is limited? (hint pg. 147)

Back

Scarcity

Front

Why do businesses use ads? (hint pg. 149)

Back

To attract business

Front

Banks are the worst place to keep your money.

Back

False

Front

It is important to have a savings account.

Back

True

Front

Goods that are brought in from another country to be sold here. (hint pg. 156)

Back

Imports