Test - Economic Systems

produces things that people need and want

• a. Services

• b. Consumers

• c. Producers

• d. Private Businesses

A business that creates and sells goods and services.

• a. services

• b. producer

• c. good

• d. consumer

Someone who purchases and uses goods and services.

• a. consumer

• b. producer

• c. private business

• d. services

A product that is exchanged for money.

• a. services

• b. private businesses

• c. good

• d. consumer

A labor that is exchanged for money.

• a. good

• b. services

• c. producer

• d. private business

Households are considered consumers.

• a. True

• b. False

Which is the best example of a private business?

• a. a boy purchasing a skateboard

• b. a person buyin soapg

• c. a restaurant selling soup

• d. a person buying gasoline

What do households need that private businesses create?

• a. consumers

• b. jobs

• c. weather

• d. none of the above

Money that is placed in an account at a bank

• a. deposit

• b. loan

• c. checking account

• d. bank

An institution that receives deposits and makes loans

• a. loan

• b. bank

• c. checking account

• d. savings account