Economics Test Review

What is the term for a person who buys and uses goods?

• Supplier

• Consumer

• Producer

• Manufacturer

Fill in the blank: When everyone wants the goods and the price increases, it sometimes causes _______.

• Surplus

• Scarcity

• Abundance

• Excess

Which of the following is an example of a natural resource?

• Workforce

• Buildings

• Crops

• Managers

Fill in the blank: The money and man-made resources needed to get work done are known as ______.

• Labor

• Capital

• Natural Resources

• Entrepreneur

Which type of economy is characterized by privately-owned businesses creating goods and services, also known as a market economy or capitalism?

• Socialist Economy

• Communist Economy

• Free Enterprise Economy

In a _______ economy, the government owns or controls some property and resources; also called a mixed economy.

• Free Enterprise

• Socialist

• Communist

Which type of industry involves the cultivation of natural resources or animals?

• Manufacturing

• Retail

• Agricultural

• Service

The production from raw materials by hand or machinery is a characteristic of which industry?

• Retail

• Service

• Agricultural

• Manufacturing

The sale of goods to consumers is the main characteristic of the ______ industry.

• Agricultural

• Retail

• Manufacturing

• Service

Things people do that satisfy our wants are part of the ______ industry.

• Service

• Retail

• Manufacturing

• Agricultural