Economics Handbook

What term describes objects that people buy or use, such as books and computers?

• goods

• services

• exports

• imports

Jobs that people do for others is called a __________________.

• export

• specialization

• service

• import

A country's system for making, distributing, and using goods and services is called its ________________.

• economy

• capitalism

• competition

• specialization

Nations, companies, and individuals use their education, talent, and resources to provide unique goods and services. This is called _______________________.

• specialization

• capitalism

• goods

• imports

Exports are goods a country sends to other countries for sale.

• true

• false

Imports are goods a country allows in from other countries for sale.

• true

• false

What kind of economy does the US have?

• a government run economy

• a free market economy

• a competitive economy

• goods and services

Individual households choose which goods and services they will buy. Workers choose their own jobs. This system is also called _____________________________.

• opportunity cost

• scarcity

• debt

• capitalism

What occurs when more than one business tries to get consumers to purchase their goods or services?

• capitalism

• competition

• specialization

• services

In economics, ___________________ means consumers' desire to buy a particular good or service.

• demand

• supply

• profit

• debt