Someone who buys products and uses services is called a:
7th Grade Economic Vocabulary Quiz

Quiz
•
History
•
7th Grade
•
Medium
Karenan Smart
Used 18+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Producer
Market
Consumer
Competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ABC Toy Company makes toys to sell in stores. ABC Toy Company is an example of a:
Consumer
Producer
Market
Profit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you decide to study for a math test instead of playing video games, the fun you missed is an example of:
Scarcity
Market Forces
Opportunity Cost
Incentive
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there isn't enough of something to satisfy everyone who wants it, this condition is called:
Demand
Supply
Scarcity
Market Forces
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The money a business has left after paying all expenses is called:
Incentive
Profit
Market
Supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In North Korea, the government decides what goods will be produced and how they will be distributed. This is an example of a:
Market Economy
Command Economy
Profit System
Competition Model
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States has an economic system where buyers and sellers freely exchange goods and services. This is called a:
Command Economy
Market Economy
Scarcity System
Supply Chain
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