Economic Vocabulary Quiz

An economic system whereby people make money using the same customs and habits their ancestors used.

• Communism

• Traditional Economy

• Capitalism

• Command Economy

Private individuals or businesses own the means of production, capital, and goods. This system thrives in a free market economy.

• Capitalism

• Socialism

• Denomination

• Mixed Economy

A system of money in general use in a specific country.

• denomination

• money

• wampum

• currency

A medium of exchange generally accepted as payment for good or services.

• currency

• denomination

• money

• economics

Someone who is hired to perform a job for someone else.

• slave

• employee

• maid

• microentrepreneur

The services performed by workers for wages and/or compensation and benefits.

• labor

• employee

• manufacturing

• microentrepreneur

A tangible product someone buys or an action someone performs for someone else.

• goods and services

• supplies

• demand

• supply and demand

An economic ideology where all property and wealth are owned in common; everyone shares all of the resources; a classless society as no one is either rich or poor.

• capitalism

• communism

• socialism

• traditional economy

An individual who has obtained a product or service for personal or household puroses.

• trader

• employer

• consumer

• employee

Trading goods or services between two people without exchanging money.

• trade

• barter

• supply

• command economy