Our Market Economy Vocabulary Quiz

Demand – Consumers’ desire to buy a particular good or service

• True

• False

• I have no idea.

Consumers – Someone who buys or uses goods and services

• True

• False

• I have no idea.

Credit Card

• A card that a person uses to borrow the money to buy goods and services; the cardholder then pays the total amount later by a set due date.

• A card that a person uses to borrow the money to buy goods and services; the cardholder doesn't pay back the total amount.

• An agreement between countries that makes it easier for businesses in those countries to export and import goods.

An agreement between countries that makes it easier for businesses in those countries to export and import goods.

• import

• Trade Agreement

• Export

The amount of goods or services available for a consumer to buy

• Demand

• Supply

• I have no idea.

An economic system in which people are free to start their own businesses or to do whatever work they want. Also called capitalism or free market system

• Bank Account

• Free Enterprise System

• Trade Agreement

Competition – The struggle between two or more businesses for the money or consumers

• True

• False

• I have no idea.

A shortage

• Supply

• Competition

• Scarcity

Something that must be given up in order to get the thing you want

• Opportunity Cost

• Demand

• Constitution Republic

Bank Account – The money an individual takes out of a bank

• True

• False

• I have no idea.