
Economics Vocabulary Quiz
Authored by Emilie Parsons
Social Studies
9th - 12th Grade
Used 2+ times

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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic system where private individuals own and control the means of production?
Capitalism
Socialism
Command economy
Traditional economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the protection or promotion of the interests of consumers?
Consumerism
Utility
Value
Wealth
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of comparing the costs and benefits of a decision?
Cost-benefit analysis
Opportunity cost
Trade-offs
Paradox of value
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are simplified representations of complex economic activities, systems, or problems?
Economic models
Factors of production
Specialization
Voluntary exchange
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the social science that studies the production, distribution, and consumption of goods and services?
Economics
Labor
Land
Good
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