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Worksheets2/29-Econ Vocab Review 1
Total questions: 40
Worksheet time: 30mins
Scarcity is defined as a limited supply of resources and...
limited wants for those resources
unlimited resources
limited resources
unlimited wants for available resources
When producers offer more of a good as its price increases and less as its price falls, this defines the
law of demand
law of supply
change in demand
change in supply
The desire to have some good or service and the ability to pay for it
supply
equilibrium
demand
quantity demanded
A designer raises the price of jeans by 50%. This will likely lead to a:
Shortage
Surplus
Define Surplus
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
rise in all goods purchased
decrease in prices
when prices stagnate
rise in general prices
A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?
inflation
recession
The growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information is the...
Multiculturalism
International Trade
Globalization
Ecommerce
The price at which total supply equals total demand is known as
the middle price.
the consumer price.
consumer demand.
the equilibrium price.
A study of economics in terms of individual areas of activity or single factors.
Macroeconmics
Economics
Microeconomics
Personal Finance
Intellectuals
Business leaders
Military leaders
No One--every member of society is supposed to be equal
Economic decisions are made by the government
Capitalism
Communism
The government sets the price of goods and determines wages for workers
Communism
Capitalism
The economy is based on the idea of competition (supply and demand) producing the best products
Communism
Capitalism
What societal problem did Karl Marx attempt to address in his manifesto? Choose the best answer.
The exploitation of the poor by the rich
The low quality of good produced at large factories.
Unfair laws that allow poor people to be sent to prison
The fact that the average person had no rights
An economic system in which a country's industry is controlled by private owners for profit.
communism
socialism
fascism
capitalism
Match the following Communists with their countries
author and book title on the subject of Capitalism
James Watt-Wealth of Nations
John Locke-Wealth of Nations
Adam Smith-Wealth of Nations
Adam Locke-Wealth of Nations
market or supply & demand determines prices in Capitalism
True
False
the part of Capitalism that naturally made for low prices and high quality
Competition
Government control
Guilds
Fixed wealth
What is globalization?
The worldwide coming together of nations and countries
The process of immigrating to a new country
Creating local market to support small business owners
It is the increase in nationalism and isonlationism
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
_________ is a decrease in the rate of inflation.
Hyperinflation
Disinflation
Deflation
Stagflation
__________ refers to a decrease in price level.
Hyperinflation
Disinflaation
Deflation
Stagflation
__________ occurs in the economy when unemployment and inflation are both high.
Hyperinflation
Disinflation
Deflation
Stagflation
What is a consumer?
Someone who buys goods and services
Someone who sells goods and services
Someone who owns a business
Someone who works at a bank
What is a budget?
An estimation of income and expenses
A financial plan
A way to help save money
All are correct
How does this image show consumerism?
It shows someone who cannot stop spending money
It shows someone who defines themselves by shopping
It shows someone who hates shopping
It shows how easy it is to shop and spend money
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
A situation in which the quantity supplied is greater than the quantity demanded is
a shortage
a surplus
a price floor
a price ceiling
Market forces are best described as
supply and demand determining prices
the government set a minimum price for corn so farmers can make more money
the government setting a maximum price on gas so people can save money
a group of buyers and sellers for a particular good or service
For the money laundering process to be a success,transactions such as currency exchange,wire transfers,and money orders need to be complimented with any paper trail
TRUE
FALSE
Which of the following may be an indicator of money laundering?
Paying by credit card
Expensive policies being taken out and then cancelled
Insurance being taken out on property
Money being withdrawn from different cash machines
