Understanding Key Economic Terms

What does it mean to boycott a product?

• To buy a product in large quantities

• To refuse to buy something

• To sell a product at a high price

• To advertise a product

What is a monopoly?

• A game played with dice

• Exclusive control over one or more resources that others need

• A type of government

• A large shopping mall

What does it mean when a law is repealed?

• It is enforced more strictly

• It is reversed

• It is made more complicated

• It is ignored

What are contributions?

• A type of tax

• A gift or payment to a common fund or collection

• A form of protest

• A type of investment

What are results?

• A type of food

• Something that happens as a consequence or outcome

• A type of game

• A type of music

What is taxation?

• The imposition of compulsory levies on individuals or entities by governments

• A type of celebration

• A form of entertainment

• A type of exercise

Which of the following is an example of a monopoly?

• A small family-owned restaurant

• A single company controlling all the water supply in a city

• A local farmer's market

• A neighborhood garage sale

If a group of people decide to boycott a store, what are they doing?

• Shopping there every day

• Refusing to buy anything from that store

• Working at the store

• Promoting the store to others

What might be a result of repealing a law?

• The law becomes more popular

• The law is no longer in effect

• The law is enforced more strictly

• The law is rewritten

Why do governments impose taxation?

• To entertain citizens

• To collect funds for public services and infrastructure

• To discourage people from working

• To make shopping more fun