Economics Vocabulary Review

A group of buyers and sellers of a particular good or service is called a _______.

• Market

• Community

• Network

• Association

The pattern in which goods, services, and resources flow in the marketplace is called _______.

• Circular Flow

• Linear Flow

• Random Distribution

• Market Cycle

Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses take place is called the _______.

• Global Economy

• Local Market

• Trade

• Regional Exchange

A market in which one single producer sells all of a certain good or service is called a _______.

• Monopoly

• Proprietorship

• Corporation

• Competition

A shared good or service provided by the government, where there is no way to exclude people who don’t pay from using it, is called a _______

• Public Good

• Private Good

• Club Good

• Common Resource

Government policy that attempts to manage the economy by controlling taxing and spending is called _______.

• Fiscal Policy

• Money Policy

• Trade Policy

• Industrial Policy

Government policies that affect the supply of money in circulation are called _______.

• Money Policy

• Fiscal Policy

• Trade Policy

• Exchange Rate Policy

When there is too much money in circulation, causing the value of money to go down and the price of goods/services to go up, it is called _______.

• Inflation

• Deflation

• Interest Rates

• Recession

Exchange of goods without involving money is called _______.

• Barter

• Trade

• Commerce

• Commodity Money

Fill in the blank: Objects that have value in themselves and that are also used as money are called _______.

• Commodity Money

• Fiat Money

• Digital Currency

• Barter Goods