Economics Vocabulary
Authored by Shemika Jones
Other
7th Grade
Used 501+ times
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17 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The process of choosing one good or service over another.
Free enterprise
Opportunity cost
Service
Loss
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The money that the government collects from individuals and businesses to pay for public goods and services.
Taxes
Services
Profit
Supply
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
There is a limited amount of something.
Loss
Supply
Scarcity
Specialization
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A person who comes up with a product or service, or a better way to produce one.
Service
Taxes
Barter
Entrepreneur
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
When the amount of money a person or company spends is more than they receive or take in
Loss
Profit
Free enterprise
Barter
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Anyone who buys a good or service
Entrepreneur
Producer
Consumer
Service
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
When people depend on one another
Service
Good
Consumer
Interdependence
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