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Economic Terms 2

Authored by Tiffany Adkins

Social Studies

7th Grade

Used 13+ times

Economic Terms 2
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

buyer and/or user of goods and services (everyone is a consumer)

scarcity

When supply is up, and demand is down, prices

consumer

barter

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

maker and/or seller of goods and services

producer

currency

traditional economy

command economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

traditional economy

producer

currency

market economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system in which the government controls a country's economy.

mixed economy

traditional economy

market economy

command economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are made by individuals or the open market.

market economy

traditional economy

When supply is up, and demand is down, prices

command economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Blend of command and market systems

traditional economy

mixed economy

consumer

producer

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Exchange goods without involving money.

textiles

currency

barter

traditional economy

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