Economic Terms

Which sector of the economy collects taxes?

• Household

• Government

• Banks

• Private Business

What is an entrepreneur?

• A person in a household

• A human resource

• A person that takes a risk to start a business

• A person that pays taxes

What would be considered to be a price incentive?

• A sale on an item

• A choice of colors of an item

• A new store opening

• Giving money to the government

If you owe someone money, you're _____________

• personal budget

• loan

• in debt

• a human resource

Which of the four major sectors in the US economy provides checking accounts, savings accounts, and loans?

• Government

• Household

• Banks

• Private Business

Walmart and Target want to get the most customers in their store. This is an example of ______________

• interest

• debt

• competition

• loan

You got a loan from the bank to buy a car. You end up paying the bank more than you borrowed because of the ____________ added on by the bank.

• income

• debt

• loan

• interest

People that buy and use goods and services are _________

• producers

• entrepreneurs

• consumers

• human resources

What is something that you buy that you can touch and hold?

• good

• income

• service

• interest

Which sector of the economy includes the total of all consumers in the economy; provides resources, consumes goods and services?

• Bank

• Private Business

• Household

• Government