An economy based on private ownership of business and consumers freely choose goods and services.
Economics Vocabulary

Quiz
•
History
•
6th Grade
•
Medium
Kimberly Savely
Used 5K+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capitalism
Communism
Traditional
Mixed
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Human-made materials used to produce goods and services.
capital
land
labor
entrepreneur
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economy where the government controls the factors of production resources.
command
market
capitalism
mixed
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
buys and uses goods and services
consumer
producer
entrepreneur
labor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The number of consumers who want and able to buy a good or service.
demand
supply
opportunity cost
entrepreneur
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
how resources are used to meet peoples wants and needs
economics
demand
supply
entrepreneur
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a person who has the ideas and skills to start a business
entrepreneur
laborer
manager
consumer
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