PFF Unit 1, American Families and the Economy Vocab Practice

What is economics the study of?

• The ways in which money is created and used in society

• The history of ancient civilizations

• The principles of physics and chemistry

• The art of cooking and baking

What does the term 'economy' refer to?

• The range of economic activity in a country, region, or community

• The study of personal and family finance

• The process of saving and investing money

• The concept of budgeting and financial planning

What system determines the prices of services and goods in market economics?

• Supply and demand

• Government regulation

• Bartering system

• Monetary policy

What is the main characteristic of barter systems?

• Direct exchange of goods without money

• Use of money for exchange

• Exchange of goods through a third party

• Exchange of services instead of goods

What economic system involves no government presence in economic transactions?

• Capitalism

• Socialism

• Communism

• Laissez faire

What type of economics involves goods and services exchanged without immediate or expected return?

• Barter economics

• Market economics

• Gift economics

• Command economics

What does an economic system organize?

• Goods and services

• Labor and capital

• Natural resources

• Technology and innovation

Tariffs are _____ imposed on imports and/or exports

Anti-trust Suits are used against companies to encourage ________ in particular industry and break up monopolies.

Capitalism is a form of market economy where _________ owned businesses are engaged in making a profit