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Economics Vocabulary

Authored by Nicole Perugini

Social Studies

9th - 12th Grade

Used 12+ times

Economics Vocabulary
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38 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In this type of economy, the people decide the supply, demand, and price.  

Market 
Traditional
Command 
Mixed

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

This type of economy is passed down through family traditions. They learn from their parents. 

Traditional 
Market 
Mixed 
Command 

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The amount of money a business makes after its expenses are paid

profit

supply

demand

scarcity

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

subsistence

specialization

scarcity

bartering

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

_____________ are things that people make or use to satisfy their needs and wants.

Goods

Services

Producers

Consumers

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

________________ are activities that satisfy people’s needs and wants.

Goods

Services

Needs

Wants

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

Producers

Services

Goods

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