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WorksheetsEconomic Concepts
Total questions: 10
Worksheet time: 5mins
Degree to which a product or service is easy to learn about, gain information about and understand
Business Utility
Information Utility
Economic Utility
Capitalism
Effectiveness of production
Productivity
Work Ethic
Character
Capacity
Surplus is when a product is produced in larger quantities than is demanded
True
False
Process of focusing all time and effort to a limited range of services or products
Industrialization
Capitalism
Imperialism
Specialization
Profit made or lost from specific goods or services; can be positive or negative
Return
Capital
Net Worth
Gross Profit
Rule which states at some point adding more factors to a production process will not improve profit
Law of Business Finance
Law of Conservation
Law of Diminishing Returns
Newton's Law of Gravity
Economic system in which economic and production decisions are guided by the economy's consumers; capitalism
Command Economics
Market Economics
Laissez-Faire Economics
Mixed Economics
Mixed Economics is an economic system in which economic and production decisions are determined by one person or group; communism
True
False
Economic system in which elements of both market and command systems can be found
Mixed Economies
Command Economies
Market Economies
Economy Economies
Communism is the economic and political system in which trade and industry are controlled by private owners for profit
True
False
