Mrs. Krapf's Economics Vocabulary Quiz

Economy is the careful use of money &_______________

• math

• goods

• cars

• business

An entrepreneur is a person who risk money to start a _____________

Voluntary Exchange is people who freely buy and sell goods and

• countries

• companies

• businesses

• services

What is an examples of a price incentive that businesses would use?

• BOGO

• 25% off

• tax free holiday

• Labor Day Sale

• All of the above

People who work to earn money to buy groceries and pay utilities are which sector of the economy?

• business

• households

• banks

• governments

Part of the economy where goods and services are made?

• households

• banks

• government

• businesses

A sector of the economy that makes money with the money that consumers give them.

• households

• banks

• government

• businesses

Sector of the economy that collects taxes to pay for schools, the military, bridges, mail, healthcare, etc.......

• banks

• households

• businesses

• government

A formal agreement between 2 countries to easily move goods across borders from on country to another.

• Trade

• International Trade

• Exchange of Goods

• Trade Agreement

Personal finance is the way a person organizes their....

• closet

• spending

• finances

• needs & wants