Understanding Key Economic Terms

What is the term for a person who buys goods?

• Producer

• Consumer

• Manufacturer

• Importer

What is the process of bringing goods into a country to sell?

• Export

• Import

• Manufacturing

• Production

Which term describes a large farm where cash crops are grown?

• Mill

• Plantation

• Factory

• Garden

What is a flatboat used for?

• Flying

• Carrying loads

• Racing

• Fishing

What is the term for a system where businesses operate with minimal government involvement?

• Free enterprise

• Monopoly

• Socialism

• Communism

What is a locomotive?

• A type of car

• A railroad engine

• A ship

• An airplane

What does the term "distinct" mean?

• Similar

• Recognized as different

• Hidden

• Common

What is the term for sending goods to another country to sell?

• Import

• Export

• Manufacture

• Consume

What is a mill?

• A type of vehicle

• A building where goods are produced

• A type of plant

• A type of animal

Who is a producer?

• A person who buys goods

• A person who makes or grows goods for sale

• A person who transports goods

• A person who consumes goods