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WorksheetsEcon Vocabulary
Total questions: 14
Worksheet time: 16mins
Name
Class
Date
1.
What is capitalism?
a)
government control of production and goods
b)
private control of production and goods for profit
c)
employee control of production, goods, and profit
d)
international control of production and goods for profit
2.
The resources that make up factors of production are
a)
land, labor, capital, and entrepreneur / manager
b)
forests, factories, cash, and CEOs
c)
rock, paper, and scissors
d)
iron, gold, silver, and titanium
3.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
4.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
5.
The process of making coins is called
a)
minting
b)
denomination
c)
currency
d)
greenbacks
6.
Name the capital resource(s).
a)
driver
b)
owner
c)
factory and truck
d)
trees and grass
7.
How does socialism differ from capitalism?
a)
In socialism, the government controls the means of production; whereas, capitalism focuses on the private owner.
b)
In socialism, the government provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
c)
In socialism, the government does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
d)
In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
8.
A good is an object people want that they can touch or hold.
a)
True
b)
False
9.
What is the goal of a communism economic system?
a)
To do away with the gap between the rich and poor.
b)
To make sure there is no interference from the government or others in private businesses.
c)
To narrow the gap between the rich and the poor.
d)
To keep have the person who makes the best product and production be the most profitable.
10.
The value of money is called
a)
minted
b)
denomination
c)
currency
d)
greenbacks
11.
A common item accepted as payment is a
a)
commodity
b)
legal tender
c)
continentals
d)
greenbacks
12.
Paper money issued by the Continental Congress is
a)
commodity
b)
legal tender
c)
continentals
d)
greenbacks
13.
Paper money issued by the U.S. government during the Civil War
a)
commodity
b)
legal tender
c)
continentals
d)
greenbacks
14.
The official money of a government is
a)
commodity
b)
legal tender
c)
continentals
d)
greenback
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