Economics Vocabulary

Economics Vocabulary

9th - 12th Grade

25 Qs

quiz-placeholder

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Economics Vocabulary

Economics Vocabulary

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

UNCA Short

Used 4+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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

Media Image

An economic system that is based on culture, tradition and rituals.

mixed economy

traditional economy

command economy

market economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A system of exchange whereby one good/service is given in return for another; does not require monetary exchange.

bartering

currency exchange

purchasing

embargo

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the amount of money a business makes after its expenses are paid

profit

supply

demand

scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

Shortage

Consumption

Production

Scarcity

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