Font size
WorksheetsKey Terms
Total questions: 12
Worksheet time: 7mins
A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned, and each person works and is paid according to their abilities and needs is
market
socialism
communism
economics
What consists of a group of buyers and sellers in sufficiently close contact with one another for exchange to take place among them?
market
demand
economic system
supply
What is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
market
demand
microeconomic
supply
A merchandise or possession are
services
goods
demands
exchanges
What focuses on the market’s supply and demand factors and determines the economic price levels
macroeconomics
exchange
microeconomics
demand
An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
True
False
What is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
demand
communism
market
socialism
What is a vast field, which concentrates on two major areas, increasing economic growth and changes in the national income.
microeconomics
macroeconomics
supply
demand
Market is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service
True
False
What is the amount or number of a material or immaterial thing not usually estimated by spatial measurement.
supply
quantity
material
economy
____________ is an act of giving one thing and receiving another in return.
exchange
market
supply
goods
A (a) is a system supplying a public need such as transport, communications, or utilities such as electricity and water.
