WorksheetsPRINMBF - Ch 2 Vocabulary
Total questions: 13
Worksheet time: 7mins
Name
Class
Date
1.
All activities involved in developing and exchanging products
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
2.
An economic system where the economic resources are privately owned by individuals rather than the government
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
3.
Actions taken by two or more businesses attempting to attract the same customers
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
4.
Economy in which economic decisions are based on a society’s values, cultures, and customs
a)
Business
b)
Capitalism
c)
Competition
d)
Traditional Economy
5.
An economy in which the government makes all the economic decisions for its citizens
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
6.
Organized way in which a nation chooses to use its resources to create goods and services
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
7.
An economy in which individuals are free to make their own economic decisions (also known as free enterprise)
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
8.
Anywhere buyers and sellers meet to buy and sell goods and services
a)
Command Economy
b)
Economic System
c)
Market Economy
d)
Marketplace
9.
Individuals have the right to own property
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
10.
Also known as a market economy or free enterprise
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
11.
The difference between the income earned and expenses incurred by a business during a specific period of time
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
12.
Provides incentives for owners to work hard
a)
Private Property
b)
Private Enterprise
c)
Profit
d)
Profit Motive
13.
Individuals have the right to buy and sell in a marketplace where prices are freely set by the forces of supply and demand
a)
Voluntary Exchange
b)
Private Enterprise
c)
Profit
d)
Profit Motive
100 %
