Unit 2 Economics Test Review

A tangible product sold to consumers with physical characteristics.

• Service

• Good

• Producer

• Consumer

An intangible product without any physical characteristics that is an act/action provided by the producer.

• Service

• Good

• Producer

• Consumer

When a product has a low supply with a high demand then that product is considered to be

• Opportunity Cost

• Output

• Surplus

• Scarce

Most goods and services are considered scarce in the world due to

• global warming

• the world's population being poor

• them not being freely available to everyone

• inflation

An economic system that is primitive, based on customs and traditions, and relies on hunting, fishing, agriculture, and bartering.

• Traditional

• Command

• Market

• Mixed

Which of the following would be a society with traditional economics?

• USA

• North Korea

• Tribes and Third World Countries

• France

When a good or service has a high supply and low demand then that product has a what?

• Bad Customer Review Rating

• Surplus

• Recall

• It is still scarce

Type of economic system where the government controls every aspect thus eliminating competition.

• Command

• Mixed

• Traditional

• Market

A society that has a command economy today would be

• USA

• Russia

• North Korea

• France

A person purchasing a good or service is a what?

• Producer

• Consumer

• Good

• Service