Economics test practice

The study of the choices that individuals and societies make in the production, distribution, and consumption of goods

• Economy

• Service

• Economics

• Market

Any system for the production, distribution, and consumption of goods and services.

• Economy

• Good

• Economic models

• Demand

Seek to show the relationships among the various components of an economy

• Market

• Service

• Producer

• Economic models

A Tangible item that people want and for which they will pay.

• Service

• Market

• Want

• Good

Intangible goods produced by labor for which people expect to pay.

• Economy

• Service

• Market

• Value

The human desire to have and use a certain good.

• Want

• Good

• Consumer

• Supply

A mechanism that allows people to exchange goods.

• Economics

• Service

• Producer

• Market

The quantity of a good for sale at a certain price under certain conditions or simply the amount of a good that is produced.

• Value

• Demand

• Market

• Supply

The amount of a good that is bought at a certain price under certain conditions.

• Demand

• Supply

• Value

• Service

A person who works to provide goods.

• Consumer

• Economics

• Service

• Producer