Economics Vocabulary Review

Charles is a ___________ when buys a Big Mac at McDonalds.

• consumer

• consumption

• entrepreneur

• incentive

Answer explanation

Consumer - a person who buys or uses a good or service

Maggie is demonstrating ___________ when she eats the Big Mac she bought at McDonalds.

• consumer

• consumption

• entrepreneur

• incentive

Answer explanation

Consumption - buying or using a good or service

Edward is a(n) ___________ because he had the idea to create a new business that would make food delivery quicker and easier.

• consumer

• consumption

• entrepreneur

• incentive

Answer explanation

Entrepreneur - a person who comes up with new ideas in search of profit

Bernard's ___________ to do his job is the paycheck he gets at the end of the week.

• consumer

• consumption

• entrepreneur

• incentive

Answer explanation

Incentives - anything that motivates or encourages an individual or business to do something

Annie went to the mall and bought make up, a soft pretzel, and a new shirt, which are all examples of...

• goods

• services

• production

• distribution

Answer explanation

Goods - things that can be bought and sold

Patrick got a haircut, had his car repaired, and had his house cleaned, which are all examples of...

• goods

• services

• production

• distribution

Answer explanation

Services - actions people do for others for pay

Maisy's sticker ___________ process includes designing the stickers on the computer, printing the designs on to the sticker sheets and cutting out the stickers.

• goods

• services

• production

• distribution

Answer explanation

Production - the process of creating goods and services

Maisy's sticker ___________ includes taking the stickers to the post office by car, the stickers traveling by airplane to another post office, and finally the stickers being delivered by truck.

• goods

• services

• production

• distribution

Answer explanation

Distribution - moving goods to the people and businesses who want to buy them

Alex paid for his Starbucks with _________, including a $5 bill and three dimes.

• currency

• deposit

• income

• profit

Answer explanation

Currency - money, such as coins and bills

Marcus put a _________ of $50 in the bank that he received as a birthday gift.

• currency

• deposit

• income

• profit

Answer explanation

Deposit - money put in the bank for safe-keeping, and to earn interest