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Economic Concepts

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

means to send products or services to another country for sale in its markets (verb)

As a noun, this word refers to the item itself - product or service-that is sent out of a country for sale.

a)

Demand

b)

Supply

c)

Import

d)

Export

2.

As a noun, it means the item that is brought in. As a verb, it means to bring in merchandise - products or services-from another country.

a)

Supply and Demand

b)

Import

c)

Export

d)

Demand

3.

In Economics, it is the quantitiy of a product or service that is available for purchase.

a)

Bullion

b)

Demand

c)

Import

d)

Export

4.

In Economics, supply is the quantitiy of a product or service that is available for purchase.

a)

Bullion

b)

Supply

c)

Import

d)

Export

5.

refers to precious metals - especially gold and silver

a)

Mercantilism

b)

Supply

c)

Bullion

d)

Export

6.

economic theory that European governments followed in the competion with each other. It included controlling the economy by acquiring a large supply of precious metals.

a)

Mercantilism

b)

Supply

c)

Bullion

d)

Export

7.

relationship between the monetary value of goods a country exports to the value of goods it imports. A country has a favorable balance of trade when the price of its exports is greatere than the cost of its imports, or, to put it simpl, when it takes in more than it sends out.

a)

Mercantilism

b)

Balance of Trade

c)

Bullion

d)

Tariff

8.

tax on goods brought into a country for sale. The tariff makes the price of those goods higher tahn they would be without it, so it discourages people form buying the foreign products and encourages them to buy products made in their own country.

a)

Mercantilism

b)

Balance of Trade

c)

Bullion

d)

Tariff

9.

a grant - a gift of money from a government to a private person or business for an activity that is helpful to the state.

a)

Supply

b)

Supply and Demand

c)

Subsidy

d)

Tariff

10.

refers to the relationship between supply and demand, and it is dependent on price. The higher the pirce is for a good or serve, the fewer people will want to buy it. Similarly, the scarcer aproduct or service the more money people will be willing to pay for it.

a)

Supply

b)

Supply and Demand

c)

Subsidy

d)

Tariff