Economics Review for Winter EOC

A person or organization that uses a product or service is a(n):

• consumer
• economist
• loan shark
• debtor

A system by which goods and services are produced and distributed is the:

• economy
• consumer
• interest
• debt

House: Goods or Service?

• Goods
• Service

UPS Delivery: Goods or Service?

• Goods
• Service

If the government makes me produce 70 T-Shirts, what economic system is this?

• Mixed
• Traditional
• Command
• Market

Which type of economy lets the private businesses make all of the decisions?

• Market
• Mixed
• Command
• Traditional

If a country is Communist, what type of economy will they have?

• None
• Command
• Market
• Traditional

The total value of goods and services produced within the borders of a country during a specific time period, usually one year.

• GDP
• GNI
• GDP per capita
• HDI

What is money that you can earn in your savings account or that you have to pay back on a loan?

• lucky money
• a loan
• interest
• tips

Tags

CCSS.6.RP.A.3C

The thing that you give up (the next best alternative) when you make a decision is known as

• Opportunity Cost
• Scarcity
• Incentive
• Choice