Economics Vocabulary Quiz

What is the economic system where private individuals own and control the means of production?

• Capitalism

• Socialism

• Command economy

• Traditional economy

What is the term for an economy in which production, investment, prices, and incomes are determined centrally by a government?

• Command economy

• Market economy

• Mixed economies

• Free enterprise economy

What is the term for the protection or promotion of the interests of consumers?

• Consumerism

• Utility

• Value

• Wealth

What is the process of comparing the costs and benefits of a decision?

• Cost-benefit analysis

• Opportunity cost

• Trade-offs

• Paradox of value

What are simplified representations of complex economic activities, systems, or problems?

• Economic models

• Factors of production

• Specialization

• Voluntary exchange

What is the term for the organized way a society provides for the wants and needs of its people?

• Economic systems

• Mixed economies

• Traditional economy

• Command economy

What is the social science that studies the production, distribution, and consumption of goods and services?

• Economics

• Labor

• Land

• Good

Who are individuals that start and run businesses, taking on financial risks in the hope of profit?

• Entrepreneurs

• Consumers

• Producers

• Laborers

What are the resources used in the production of goods and services, including land, labor, and capital?

• Factors of production

• Economic models

• Utility

• Value

What is the economic system where private business operates in competition and largely free of state control?

• Free enterprise economy

• Command economy

• Socialism

• Mixed economies