7th Grade Economic Vocabulary Quiz

Someone who buys products and uses services is called a:

• Producer

• Market

• Consumer

• Competition

The ABC Toy Company makes toys to sell in stores. ABC Toy Company is an example of a:

• Consumer

• Producer

• Market

• Profit

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

When there isn't enough of something to satisfy everyone who wants it, this condition is called:

• Demand

• Supply

• Scarcity

• Market Forces

The money a business has left after paying all expenses is called:

• Incentive

• Profit

• Market

• Supply

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

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

When Apple creates a new feature for the iPhone that no other phone has, this is an example of:

• Competition

• Innovation

• Demand

• Market Forces

The mall is a place where people can buy products from many different stores. The mall is an example of a:

• Producer

• Consumer

• Market

• Supply

When Target lowers prices to attract customers who might otherwise shop at Walmart, this is an example of:

• Competition

• Profit

• Market Forces

• Innovation