
Unit 12 Vocab redo
Authored by Katherine Davis
Social Studies
6th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition of 'Market':
A system where buyers and sellers interact to exchange goods and services
A physical location only
A method to store products
An abstract concept without any real transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Free Enterprise is
It is a system in which private individuals and businesses operate with minimal government interference.
It is a government-controlled economy.
It is only a theoretical concept without real-world application.
It is an economic system identical to socialism.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define 'Private Property'.
Property owned by the state.
Property owned privately by individuals.
Property that is publicly shared.
Property used collectively.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Competition' mean?
Rivalry among sellers that keeps prices low and quality high for consumers
The process of cooperation between parties to achieve a mutual result.
A state of inactivity and rest.
A method of self-reflection and meditation.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumer Sovereignty means
When the wants and needs of the people dictate what products are made
Producers control what is manufactured.
The government sets production guidelines.
Investors dictate market trends.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is defined as
It is the willingness and ability to purchase a product or service
It is the actual amount of goods produced.
It is the governmental regulation on prices.
It is the surplus inventory of a product.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define 'Supply'
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
The process of consuming goods and services.
The measure of consumer demand.
The economic principle governing the price of goods.
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