WorksheetsEconomics Vocabulary Chapter 1-5
Total questions: 66
Worksheet time: 51mins
What are the characteristics of a traditional economic system?
Relies on government
Driven by consumers
built upon traditions, customs, and beliefs
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
What conclusion can be drawn from this situation?
To conduct an accurate cost/benefit analysis, don’t forget to include
calculated risk
threats
insurance benefits
opportunity cost
Any place where buyers and sellers meet to exchange goods and service.
Value
Market
Trade
Cost and Benefit
Having more than what is needed or will be used.
Surplus
The Barter System
Exchange Rate
Double Coincidence of Want
The action of exchanging goods and services in a market.
Value
Market
Trade
Cost and Benefit
Monetary or non-monetary gain received because of an action taken or a decision made.
Benefit
Cost
Analysis
Medium of Exchange
Select all that are factors of production.
Capital
Entrepreneuship
Labor
Land
The assignment of different parts of manufacturing to different people.
Division of Labor/Specialization
The inequalities of the Barter System
NPR's Market Place
Medium of Exchange and the Double Coincidence of want
A process of examining the advantages (benefits) and disadvantages (costs) of each available alternative in arriving at a decision.
Medium of Exchange
Exchange Rate
Opportunity Cost
Cost/Benefit Analysis
The solution to the Barter System is:
The Medium of Exchange
Opportunity Cost
Durability
Trading goods for goods and other services.
What is a Command Economy?
CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand
An economic system COMBINING private and public enterprise.
When production, investment, price, and income are determined centrally by a GOVERNMENT.
A system that relies on customs, history, and time-honored beliefs.
A system where people can own their own business of their choice is called _____________.
Planned System
Options System
Market Economy or Free Enterprise
Taxes
A Market Economy is based on?
Goods and Services
Goods and Products
Supply and Demand
Service
Business owners will raise prices if?
Item isn't selling
There is a large supply of the item and
There is a low supply of the item and the product is selling quickly.
The amount of the supply is high.
When you reach around the age of 62, you are now eligible for this monthly payment. People who disabled or cannot work are also eligible for this one.
Social Security
Property tax
Estate tax
Social Media
extra of something
scarcity
shortage
surplus
supply
not enough of something for everyone
surplus
shortage
scarcity
demand
what you give up to get something else
price
need
want
opportunity cost
Definition of Marginal Utility
the satisfaction from consumption
to total satisfaction from consuming a product
the extra satisfaction from the last unit consumed
the extra consumption from last unit consumed
The definition of the law of diminishing marginal utility
As more units are consumed the marginal utility falls.
As more units are consumed the marginal utility increases.
As price decreases quantity demanded increases.
As price increases consumers are willing to pay more.
As an individual consumes an additional good or servce, their satisfaction decreases
Marginal Utility
Law of Diminishing Marginal Utility
Utility
Negative Utility
Marginal analysis involves
Looking at the cost of an alternative
Looking at the benefits of an alternative
Evaluating the cost of an alternative
Comparing the benefits and costs of producing and consuming additional units of something.
Which of these best defines equilibrium in a market?
a situation in which quantity supplied is greater than quantity demanded
a situation in which quantity demanded is greater than quantity supplied
a situation in which quantity supplied and quantity demanded are equal
a situation where a minimum price is set
