wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Key Terms

Total questions: 12

Worksheet time: 7mins

Name
Class
Date
1.

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

a)

market

b)

socialism

c)

communism

d)

economics

2.

What consists of a group of buyers and sellers in sufficiently close contact with one another for exchange to take place among them?

a)

market

b)

demand

c)

economic system

d)

supply

3.

What is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers

a)

market

b)

demand

c)

microeconomic

d)

supply

4.

A merchandise or possession are

a)

services

b)

goods

c)

demands

d)

exchanges

5.

What focuses on the market’s supply and demand factors and determines the economic price levels

a)

macroeconomics

b)

exchange

c)

microeconomics

d)

demand

6.

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.

a)

True

b)

False

7.

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

a)

demand

b)

communism

c)

market

d)

socialism

8.

What is a vast field, which concentrates on two major areas, increasing economic growth and changes in the national income.

a)

microeconomics

b)

macroeconomics

c)

supply

d)

demand

9.

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

a)

True

b)

False

10.

What is the amount or number of a material or immaterial thing not usually estimated by spatial measurement.

a)

supply

b)

quantity

c)

material

d)

economy

11.

____________ is an act of giving one thing and receiving another in return.

a)

exchange

b)

market

c)

supply

d)

goods

12.

A (a)   is a system supplying a public need such as transport, communications, or utilities such as electricity and water.