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Community and Economy Vocabulary- JA Biztown

Total questions: 36

Worksheet time: 19mins

Name
Class
Date
1.

A ________________ is a place where people live, work, trade, and share.

a)

Citizen

b)

Communiy

c)

Right

d)

Responsibility

2.

A ___________ is a member of a city, county, state, or country.

a)

Resource

b)

Business

c)

Citizen

d)

Scarcity

3.

A business is _________________

a)

a freedom to act in a certain way

b)

a member of a community

c)

a system which economic decisions are made

d)

a company that sells goods or services

4.

__________ is a system which economic decisions are made in markets with little government influence.

a)

Business

b)

Free Enterprise

c)

Community

d)

Circular Flow

5.

People and things needed to produce goods and services.

a)

Resources

b)

Goods

c)

Services

d)

Circular Flow

6.

Things people buy and use.

a)

Resources

b)

Goods

c)

Services

d)

Circular Flow

7.

Work done for others, such as haircuts and car repairs.

a)

Resources

b)

Goods

c)

Services

d)

Circular Flow

8.

A type of resource which occurs naturally in the world

a)

Human Resouces

b)

Capital Resources

c)

Natural Resources

9.

A type of resource made by people and used to produce goods and services

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

10.

The labor, skills, abilities of workers used to make a product or service

a)

Human Resources

b)

Capital Resources

c)

Natural Resources

11.

A model of the movement of goods, services, resources, and money in an economy.

a)

Free Enterprise

b)

Natural Resource

c)

Circular Flow

d)

Money Management

12.

Exchange of money

a)

Trade

b)

Scarcity

c)

Money

d)

Consumer

13.

A situation where people cannot have everything they want because of limited resources.

a)

Trade

b)

Goods

c)

Consumers

d)

Scarcity

14.

A person who starts their own business.

a)

Consumer

b)

Business

c)

Corporation

d)

Entrepreneur

15.
Who is a consumer?
a)
A person who buys goods and services.
b)
A smart shopper
c)
A person who makes and sells goods and services.
d)
Someone who spends money constantly. 
16.
What is a producer?
a)
Producers are only used in the music industry.
b)
A person who makes and sells goods and/or services.
c)
A person purchasing the good or service.
d)
Producers and consumers are the exact same thing.
17.

Payments that citizens are required to make to government are called ________ .

a)

net pay

b)

gross pay

c)

taxes

d)

withdraw

18.
The merchandise, skills, and knowledge offered for sale by businesses or citizens are called
a)
private goods and services
b)
public goods and services
c)
public goods and private services
d)
private goods and public services
19.

Show up to work on time

a)

Right

b)

Responsibility

20.

Do your homework

a)

Right

b)

Responsibility

21.

Take a scheduled break

a)

right

b)

responsibility

22.

Receive a paycheck for your work

a)

right

b)

responsibility

23.

Keep track of your money in an account

a)

Right

b)

Responsibility

24.

Haircut

a)

good

b)

service

25.

Basketball

a)

good

b)

service

26.

Check-up from the dentist

a)

good

b)

service

27.

IPOD

a)

good

b)

service

28.

Shoes

a)

good

b)

service

29.

What is the amount of money an employee earns BEFORE any taxes or other deductions are subtracted?

a)

net pay

b)

gross pay

c)

paycheck

d)

taxes

30.

What is the amount of money an employee receives AFTER taxes and other deductions are taken from a paycheck?

a)

gross pay

b)

net pay

c)

final pay

d)

taxes

31.

What is developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes?

a)

business

b)

non-profit organization

c)

democracy

d)

goods and services

32.

______________ is the effort to increase the well-being of people through charitable giving.

a)

philanthropy

b)

taxes

c)

kindness

d)

services

33.

__________ are provided by a government for the use of all people.

a)

taxes

b)

private goods and services

c)

public goods and services

d)

nonprofit organization

34.

_________ is the freedom to act in a certain way.

a)

good

b)

service

c)

responsibility

d)

right

35.

________ is a good produced and offered for sale.

a)

good

b)

service

c)

product

d)

consumer

36.

_________ is the money that is left over after a business pays all its costs.

a)

profit

b)

net pay

c)

taxes

d)

trade