Social Studies - Chapter 4 - Economics and Vocabulary Quiz

Which is true about a command economy?

• People decide prices

• Prices are set by the government

• You can sell anything, anytime

• You trade without money

What happens when lots of people want something but there isn’t much of it?

• Prices go down

• The product disappears

• Prices go up

• Everyone gets one for free

Choose the best meaning for the term 'Market Economy'.

• People make choices about buying and selling

• The government sets all prices

• There is no money

• People must share everything

Choose the best meaning for the word 'Producer'.

• A person who buys goods

• A person who makes goods or services

• A person who uses money

• A person who fixes things

Inflation is when prices go down a lot.

• True

• False

What does it mean to export goods?

• To buy things from another country

• To keep all products at home

• To send goods to other countries to sell

• To trade without using money

Choose the best meaning for the word 'Profit'.

• The amount of money you lose

• Money earned after paying costs

• The price of a toy

• A shopping receipt

A producer makes goods or services.

• True

• False

What does a business get when it makes more money than it spends?

• Debt

• Loss

• Profit

• Barter

Choose the best meaning for the word 'Consumer'.

• A person who builds homes

• A person who buys goods or services

• A person who makes money

• A person who makes laws