WorksheetsEPF Ch 6 Vocab Pt1
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
the structure of methods and principles that a society uses to produce and distribute goods and services
a)
economic system
b)
factor payment
c)
profit
2.
the income people receive in return for supplying factors of production
a)
profit
b)
traditional economy
c)
factor payment
3.
the amount of money a business receives in excess of expenses
a)
specialization
b)
profit
c)
market
4.
a set of government programs that protect people who face unfavorable economic conditions
a)
traditional economy
b)
safety net
c)
free market economy
5.
level of economic prosperity
a)
standard of living
b)
product market
c)
self-interest
6.
the process of bringing new methods, products, or ideas into use
a)
firm
b)
factor market
c)
innovation
7.
an economic system that relies on habit, custom, or ritual to decide the three key economic questions
a)
market
b)
traditional economy
c)
specialization
8.
any arrangement that allows buyers and sellers to exchange things
a)
household
b)
specialization
c)
market
9.
the concentration of the productive efforts of individuals and businesses on a limited number of activities
a)
specialization
b)
free market economy
c)
household
10.
and economic system in which decisions on the three key economic questions are based on the voluntary exchange in markets
a)
firm
b)
free market economy
c)
factor market
11.
a person or group living in a single residence
a)
standard of living
b)
firm
c)
household
12.
an organization that uses resources to produce a product or service, which it then sells
a)
firm
b)
factor market
c)
product market
13.
the arena of exchange in which firms purchase the factors of production from households
a)
factor market
b)
free market economy
c)
household
14.
the arena of exchange in which households purchase goods and services from firms
a)
product market
b)
traditional economy
c)
specialization
100 %
