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Unit 2A Vocabulary

Authored by Raymond Morgan

Social Studies

12th Grade

Unit 2A Vocabulary
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to goods or services that are created to satisfy consumers' wants or needs?

Resources

Money

Products

Market structure

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is used to describe inputs like land, labor, and capital used to produce goods and services?

Products

Resources

Circular flow model

Barriers to market entry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the medium of exchange that facilitates trade and transactions in an economy?

Money

Stock

LLC

Partnership

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which model demonstrates the movement of goods, services, and money between households and businesses?

Circular flow model

Resource markets

Monopoly

Business organization

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the market where finished goods and services are sold to consumers?

Product markets

Factor markets

Perfect competition

LLC

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to markets where productive resources like labor and capital are bought and sold?

Product markets

Resource/factor markets

Monopoly

Product differentiation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes a single-owner business with unlimited liability?

Corporation

Sole Proprietorship

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