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Economic terms

Total questions: 48

Worksheet time: 36mins

Name
Class
Date
1.
Who is a person who takes a risk to start a business?
a)
Consumer
b)
Entrepreneur 
c)
Labor
d)
Capital
2.
Resources such as rivers, fish, trees and oil are called________________________.
a)
human resources
b)
capital resources
c)
natural resources
d)
goods
3.

objects that can satisfy people's wants

a)

goods

b)

services

c)

demand

d)

supply

4.

actions that can satisfy people's wants

a)

services

b)

goods

c)

supply

d)

demand

5.

the condition of not being able to have everything we want

a)

scarcity

b)

choice

c)

demand

d)

market

6.

quantity of goods available in the marketplace at any given time and at a given amount

a)

supply

b)

demand

c)

market

d)

price

7.

amount of a good that buyers will buy at a specific time and at a specific price

a)

demand

b)

supply

c)

choice

d)

profit

8.

when people concentrate their production of fewer kinds of goods and services than they consume

a)

specialization

b)

division of labor

c)

barter

d)

price

9.

exists whenever buyers and sellers exchange goods and services

a)

market

b)

barter

c)

price

d)

profit

10.

anything acceptable when used in exchange for goods and services

a)

money

b)

supply

c)

barter

d)

price

11.

An economic system where all economic decision are based on the customs, habits, and history of the past

a)

market

b)

command

c)

traditional

d)

mixed

12.
A consumer is a 
a)
Producer
b)
Goods
c)
Customer
13.
A producer is
a)
Wants
b)
Services
c)
Someone who creates goods or services.
14.
A good is
a)
Clothes
b)
A Teacher
c)
Producer
15.
A service is
a)
A McDonald's worker
b)
A Big Mac
c)
A scooter
16.

The Economy is described as

a)

Who gets what. The way the country, or group manages its money and resources.

b)

The way the government is run.

c)

What Tom and Jerry are running from

17.

What countries have/had a Command Economy?

a)

Iceland, Sweden, France, Australia

b)

United States, Russia, Africa, Haiti

c)

India, United Kingdom, Brazil

d)

North Korea, Cuba, Soviet Union, China, Vietnam

18.

What is one advantage of a Command Economy?

a)

Individual freedom for everyone

b)

Health and public services are available to everyone at little or no cost.

c)

The government rarely interferes.

d)

Able to adjust to change gradually

19.

Which type of economic system is people making and growing their own food?

a)

Traditional

b)

Command

c)

Market

20.

Which economic system is based on government control?

a)

Traditional

b)

Command

c)

Market

21.

In which economic system does the government control all the resources?

a)

Traditional

b)

Command

c)

Market

22.

Marcel’s family have a farm, and on that farm they raise sheep and grow corn. This is something their family has done for hundreds of years – and sometimes, if they’re lucky, they can trade some of their corn for other supplies they need and save some money. Most people in his country practice some type of agriculture or farming. It’s just always been that way.

a)

Market Economy

b)

Command Economy

c)

Traditional Economy

d)

Mixed Economy

23.

Four years ago a man took over Tyrone’s country. With the help of the military he stole country of a country and made major changes to the economy. All decisions are made by the ruler of Tyrone’s country. What is being produced, who gets which resources, and all major decisions are decided by the new ruler of Tyrone’s country?

a)

Market Economy

b)

Traditional Economy

c)

Mixed Economy

d)

Command Economy

24.
Any useful material that is found in nature:
a)
Natural Resource
b)
Human Resource
c)
Plants
25.
Doctor: Goods or Service?
a)
Goods
b)
Service
26.
House: Goods or Service?
a)
Goods
b)
Service
27.
Which is an example of a service?
a)
book
b)
police officer
c)
chair
d)
backpack
28.
What is a service?
a)
going to church
b)
buying something
c)
an action that a person does for someone else
29.
Demand
a)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.
30.
Goods
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
d)
Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.
31.
Services
a)
When you have to make a decision about selecting between two or more different things
b)
The cost of a good or service we forgo (give up) when we choose another.
c)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
d)
Intangible products (these cannot be touched but we know they exist) provided by people that satisfy society's needs and wants. For example: accountants, cleaners, teachers, bus drivers and doctors.
32.

If the government makes me produce 70 T-Shirts, what economic system is this?

a)

Mixed

b)

Traditional

c)

Command

d)

Market

33.

If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?

a)

Mixed

b)

Market

c)

Traditional

d)

Command

34.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
35.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
36.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
37.
Watches made in Norway are worn by people in California.
a)
import 
b)
export
38.
Tires made in Tennessee factories are used on cars in Europe.
a)
import
b)
export
39.
Any action a government uses to control trade between countries
a)
Trade barrier
b)
Voluntary trade
c)
Free trade
d)
Specialization
40.
Products brought into a country
a)
Currency
b)
Exchange rate
c)
Export
d)
Import
41.
An extra price or tax added onto imported products
a)
Embargo
b)
Tariff
c)
Quota
d)
Exchange rate
42.
A limit on how much of something may be imported
a)
Trade barrier
b)
Tariff
c)
Embargo
d)
Quota
43.

Which of these European countries has the least economic freedom and most government control?

a)

Germany

b)

Russia

c)

United Kingdom

d)

North Korea

44.

Which of the following Latin America countries is closest to a market economy?

a)

Brazil

b)

Mexico

c)

Venezuela

d)

Cuba

45.

Which type of government exists in Cuba?

a)

dictatorship

b)

monarchy

c)

parliamentary democracy

d)

presidential democracy

46.

Which pair of countries has governments that are most similar?

a)

Brazil and Cuba

b)

Mexico and Cuba

c)

Brazil and Mexico

d)

Cuba and the United States

47.

In a command economy, economic decisions are made by the ____.

a)

consumers

b)

market

c)

government

d)

producers

48.

What has/is affecting the Amazon Rainforest?

a)

Deforestation

b)

Carbon Dioxide

c)

Increased Rain

d)

Indigenous Groups

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