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WorksheetsEconomics Vocabulary needs editing section 2
Total questions: 97
Worksheet time: 49mins
What is the definition of Inflation?
A general increase in prices and fall in the purchasing value of money.
A decrease in the general price level of goods and services.
A situation where supply exceeds demand.
A measure of economic growth.
Inheritance is defined as:
Property or money received from an estate, or through a will.
A function that calls itself.
A way to hide the details of how something works.
A method to store data in a database.
What is the definition of 'Input' in the context of economics?
A resource used in the production process to produce output
The final goods and services produced in an economy
The total value of all goods and services produced in a country
The amount of money spent by consumers in an economy
Insurance is a means of protection from financial loss. What are some types of insurance?
Life Insurance, Health Insurance, Auto Insurance, Home Insurance
Only Life Insurance and Health Insurance
Only Auto Insurance and Home Insurance
None of the above
What does 'Interdependence' mean in economic terms?
Interdependence in economic terms refers to the mutual reliance between two or more groups, especially countries, for goods and services.
Interdependence in economic terms refers to the complete independence of countries from each other in terms of trade and economy.
Interdependence in economic terms means a country is self-sufficient and does not engage in international trade.
Interdependence in economic terms is the reliance of a single country on its own resources without any external trade.
Define 'Intermediate Goods' and give an example.
Intermediate goods are final products ready for consumption, e.g., a car.
Intermediate goods are used in the production of final goods, e.g., steel used in car manufacturing.
Intermediate goods are goods that are consumed directly, e.g., food items.
Intermediate goods are services provided to consumers, e.g., banking services.
How would you define interest?
Amount paid for the use of money.
Total amount borrowed.
Net profit on final goods.
Gross income of a person or business.
Inventory refers to:
The current assets of a business.
The capital needed to start a business.
The financial records of a company
The employees of a company
Describe the term 'Labor' as a factor of production.
Labor refers to the human effort used in the production of goods and services.
Labor is the machinery used in the production process.
Labor is the financial capital required for production.
Labor is the land on which production takes place.
What is included in the 'Land' factor of production?
Natural resources like minerals, forests, water, and land itself
Machinery and equipment used in production
Human labor and skills
Financial capital and investments
A 'Lease' in economic terms is:
a type of loan agreement.
an agreement between two parties for the use of a product.
a financial instrument used for investment.
a government bond.
'Limited Resources' are also known as:
Scarce Resources
Abundant Resources
Unlimited Resources
Plentiful Resources
Liquidity in finance refers to the ability to:
Convert assets into cash quickly without significant loss in value
Increase the value of assets over time
Reduce financial risk through diversification
Maximize returns on investment
What does 'Loss' mean in a business context?
A decrease in revenue
An excess of expenses over income
A surplus of assets
An increase in profit
What is 'Management' ?
Management is the process of organizing and using resources, or the group or person in a business who does that organizing.
Management is the art of making decisions.
Management is the science of resource allocation.
Management is the practice of financial planning.
What is the definition of 'Market'?
A place where buyers and sellers can meet to exchange goods and services. (May or may not involve money.)
A place where goods are manufactured
A type of financial instrument
A government policy
What is a 'Market Economy'?
An economic system where supply and demand drive the production of goods and services, and decisions are mostly made by private people and businesses.
A system where the government controls all aspects of the economy
An economy that relies solely on barter and trade without currency
A system where a central authority plans and controls the economy
What is the function of a 'Mint'?
To produce coins and currency
To grow mint plants
To provide financial advice
To store valuable items
What is 'Money'?
A medium of exchange
A type of food
A kind of animal
A form of transportation
What is a 'Monopoly'?
A market structure characterized by a single seller, selling a unique product in the market.
A market structure with many sellers offering similar products.
A market structure with a few large firms dominating the market.
A market structure where all firms have equal market share.
What is a 'Mortgage'?
A mortgage is a type of loan specifically used to purchase real estate, where the property itself serves as collateral for the loan.
A mortgage is a type of insurance for homeowners.
A mortgage is a savings account for future property purchases.
A mortgage is a government grant for buying a house.
What is a 'Natural Monopoly'?
Natural Monopoly is a market structure where a single firm can supply the entire market demand for a good or service at a lower cost than multiple firms.
Natural Monopoly is a market structure where multiple firms compete to supply the market demand for a good or service.
Natural Monopoly is a market structure where government regulations prevent any single firm from dominating the market.
Natural Monopoly is a market structure where firms collaborate to set prices and control the market.
What are 'Natural Resources'?
Resources that occur naturally in the environment
Man-made resources
Artificially synthesized materials
Resources that are not found in nature
What are 'Needs'?
Needs are essential requirements or necessities that individuals must have to live and function effectively. They can be physical, emotional, or social in nature.
Needs are optional desires that people can choose to have or not.
Needs are luxury items that enhance lifestyle but are not necessary for survival.
Needs are temporary wants that change frequently.
What does 'Net' mean in financial terms?
Net refers to the amount remaining after all deductions, such as taxes, expenses, or other costs, have been subtracted from the total.
Net refers to the total amount before any deductions are made.
Net is the amount of taxes owed before any deductions.
Net is the gross income before expenses are deducted.
What is a 'Net Deposit'?
The total amount of money deposited into an account after all deductions
The initial amount of money deposited into an account
The interest earned on a deposit
The total amount of money withdrawn from an account
What are 'Non-Durable Goods'?
Goods that are consumed or are only useable for a short period of time before they need to be replaced
Goods that are used for a long period of time and do not wear out quickly
Goods that are primarily used for investment purposes
Goods that are intangible and cannot be touched
What is a 'Non-profit' organization?
An organization that operates for charitable purposes and does not distribute profits to owners or shareholders.
A business that aims to maximize profits for its owners.
A government agency responsible for public services.
A private company that sells goods and services for profit.
What are non-renewable resources?
Resources that can be replenished naturally over time
Resources that cannot be replenished naturally over time
Resources that are always available
Resources that are man-made
Online banking is:
a method to conduct financial transactions over the internet
a type of physical bank branch
a way to store physical cash at home
a method to print bank statements at home
Opportunity cost can be explained as the cost or value of the next best alternative (which is given up when a choice is made). Which of the following is an example of opportunity cost?
Choosing to spend time studying instead of going out with friends.
Buying a new car instead of a used one.
Eating at a restaurant instead of cooking at home.
Investing in stocks instead of keeping money in a savings account.
What is output in economic terms?
The total value of goods and services produced in an economy
The total income earned by individuals in an economy
The total expenditure by the government in an economy
The total savings by individuals in an economy
A paycheck is:
The check an employer pays an employee for work performed.
A type of bank account.
A financial statement issued by the government.
A loan agreement between two parties.
Perfect competition is characterized by:
A single seller in the market
A few sellers in the market
Many sellers with differentiated products
Many sellers with identical products
A pledge sheet is:
a document used to record commitments to donate or contribute to a charity.
a type of financial statement used by companies.
a sheet used for tracking attendance at events.
a form used for tax purposes.
Price in economic terms is defined as:
The amount of money expected, required, or given in payment for something.
The cost of producing a good or service.
The value of the work required to perform a service.
The equilibrium point between supply and demand.
What is the prime rate?
A type of interest rate set by central banks to be paid to their best customers.
A measure of inflation at any given time.
A stock market index
A type of loan
What is private property?
A type of property owned by individuals or corporations
A public park
A government building
A community center
A producer, in economic terms, is someone who:
directs a film
provides food for other animals to eat.
makes or supplies a good or service.
uses a particular good or service..
What is a product, in economic terms?
A result of multiplying numbers
A tangible, man-made object or service.
A chemical compound
A mathematical operation
Explain the process of production.
Production is using or combining resources to create goods and services.
Production is the process of selling goods.
Production is the process of consuming goods.
Production is the process of distributing goods.
Productivity is:
the amount of work done in a specific time period
the ability to multitask effectively
the quality of work produced
the level of job satisfaction
Profit in economic terms is defined as:
The total revenue minus total cost.
The total cost minus total revenue.
The total revenue plus total cost.
The total cost plus total revenue.
What is a Progressive Tax?
A tax system where the tax rate increases as the taxable amount increases.
A tax system where everyone pays the same tax rate regardless of income.
A tax system where the tax rate decreases as the taxable amount increases.
A tax system where only luxury goods are taxed.
What is a Promissory Note?
A legal document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
A type of currency used in international trade.
A financial instrument used exclusively by banks.
A government bond issued to raise funds for public projects.
What is Property? (There are two correct answers).
Something tangible which someone owns.
A type of food
Land or Real Estate
A form of transportation
Property Tax is:
a tax on the value of a property
a tax on income
a tax on goods and services
a tax on luxury items
Public Goods & Services are:
Goods and services provided by private companies for profit
Goods and services that are provided by the government.
Goods and services that are only available to paying customers
Goods and services that are exclusive to government officials
What is Public Property?
A type of property owned by the government or community for everyone's use, like a park or library.
A type of property owned by private individuals for private use.
A type of property that cannot be owned
A type of property that is only theoretical
Quality is:
A degree of excellence
A type of product
A marketing strategy
A financial term
What is a Quality Business?
A business that consistently meets customer expectations and maintains high standards.
A business that focuses solely on profit margins.
A business that operates without any competition.
A business that has a large number of employees.
What is Quantity?
A measure of amount
A type of quality
A form of energy
A unit of time
What is Raw Material?
A finished product
A natural resource used in production
A type of machinery
A financial asset
What is a Regressive Tax?
A tax that takes a larger percentage of income from low-income earners than from high-income earners.
A tax that takes a larger percentage of income from high-income earners than from low-income earners.
A tax that takes the same percentage of income from all earners, regardless of income level.
A tax that is only applied to luxury goods and services.
What are Renewable Resources?
Resources that can be replenished naturally over time
Resources that are finite and cannot be replenished
Resources that are man-made
Resources that are only found in specific regions
What is Rent?
A type of tax
A payment made for the use of property
A form of investment
A government subsidy
Resources in the context of economics are:
goods and services produced by an economy
natural, human, and capital inputs used to produce goods and services
financial assets and investments
government policies and regulations
The state of being no longer involved in performing one's business or profession, usually due to reaching a predetermined age, is known as:
Retirement
Resignation
Termination
Sabbatical
What is a situation in which two or more producers seek to gain a larger market share by providing consumers with lower prices, higher quality, or a differentiated product?
Monopoly
Oligopoly
Perfect Competition
Rivalry
What are criteria that tell what a quality product or process looks like?
Specifications
Guidelines
Rubric
Benchmarks
What does it mean to sacrifice in economic terms?
Giving up something of value to gain something else
Increasing production to meet demand
Reducing costs to increase profit
Investing in new technology
A safe deposit box is:
a type of savings account
a secure container in a bank for storing valuables
an investment fund
a type of insurance policy
What is a fixed wage paid periodically for regular work?
Salary
Bonus
Commission
Wage
What are taxes paid by individuals to government when goods and services are purchased?
Income Tax
Sales Tax
Property Tax
Capital Gains Tax
The opposite of spend is:
Save
Waste
Earn
Interest
The portion of income (after tax) that is not spent for consumer goods or services is called:
Savings
Expenditure
Debt
Investment
What is an account in a financial institution where a person deposits that part of his or her income which he or she chooses not to spend at the present time?
Savings Account
Checking Account
Credit Account
Loan Account
What is similar to a bank, but has as its primary function storing money in savings accounts and lending money for the purchase of homes?
Credit Union
Savings and Loan Association
Investment Bank
Insurance Company
What are resources used to produce goods and services which are in short supply, relative to unlimited human wants?
Scarce resources
Abundant resources
Renewable resources
Unlimited resources
Scarcity in economic terms refers to the fundamental problem of having seemingly unlimited human wants in a world of limited resources. Which of the following best describes this concept?
The abundance of resources to meet all human wants
The limited nature of society's resources
The unlimited nature of human wants
The ability to produce all goods and services needed
The scarcity problem refers to the result of the fundamental economic issue of having limited resources to meet unlimited wants and needs. What is that result?
A situation where resources are abundant and can meet all wants and needs
A situation where people have to choose between certain wants and needs.
A situation where resources are equally distributed among all individuals
A situation where resources are only available to the wealthy
What is the definition of 'Selling Price'?
Selling Price is the amount of money for which a product or service is sold to a customer.
Selling Price is the cost price of a product plus the profit margin.
Selling Price is the amount a customer is willing to pay for a product.
Selling Price is the original price of a product before any discounts.
What is the definition of 'Service Charge'?
Service Charge is a fee charged by store for the privilege of purchasing on credit.
Service Charge is a tax imposed by the government on luxury goods.
Service Charge is a discount given by retailers during sales.
Service Charge is a penalty fee for late payments.
What is the definition of 'Services'?
Productive acts of labor which do not create a product, instead they satisfy a want or need in an intangible way.
Productive acts of labor which do create a product.
Tangible items that people want.
Tangible items that people need.
What is the definition of 'Specialization'?
Specialization refers to dividing up work among people so that each person does one job or task.
Specialization is the process of diversifying skills across multiple areas to increase overall knowledge.
Specialization means avoiding any specific focus to maintain a broad understanding of various subjects.
Specialization is the act of reducing efficiency by spreading resources across multiple tasks.
What is the definition of 'Staffing'?
Staffing refers to the process of recruiting, selecting, training, and developing individuals to fill roles within an organization.
Staffing is the process of creating a budget for a project.
Staffing involves the design and implementation of marketing strategies.
Staffing is the act of managing financial accounts.
What is the definition of 'Substitute Goods'?
Substitute goods are products or services that can be used in place of each other. When the price of one good rises, the demand for its substitute may increase as consumers switch to the alternative.
Substitute goods are products that are always used together with another product.
Substitute goods are products that have no relation to each other.
Substitute goods are products that are used to complement each other.
What is the economic definition of 'Substitution'?
Using one good or resource in place of another to satisfy a want or need.
Replacing one good or resource with another one that does not satsfy the same want or need.
Using a guest teacher in place of the regular teacher.
Switching roles betweem consumers and producers.
What is the definition of 'Supplier'?
A person or business that supplies a good or service.
A person or business that consumes a good or service.
A person or business that pays for a good or service.
A person or business that evaluates a good or service.
What is the definition of 'Supply'?
the amount that producers are able and willing to produce and sell at all possible prices at a given time.
the amount that producers want to keep on hand, even if they have a willing buyer and their required price.
the number of consumers who want a particular good or service.
the amount that a distributor will distribute of a given good or service.
What is the definition of 'Tax'?
Tax is a required financial payment charged by a government on individuals or entities to pay for public services.
Tax is a voluntary donation to the government for public services.
Tax is a fee paid for private services provided by the government.
Tax is a penalty for not following government regulations.
What is the definition of 'Tax Revenue'?
Tax revenue refers to the income that a government collects from taxes imposed on individuals and businesses.
Tax revenue is the total amount of money that individuals earn from their investments.
Tax revenue is the money collected by private corporations from their customers.
Tax revenue is the income generated by non-profit organizations through donations.
What is the definition of 'Teamwork'?
Collaboration and cooperation among a group of people to achieve a common goal.
Working individually without any interaction with others.
A competition between team members to outperform each other.
Ignoring the contributions of others in a group setting.
What is the definition of 'Technology'?
The scientific and mechanical skill and knowledge used in producing goods and services.
A type of labor which requires no particular skill or talent.
A musical instrument used to create Techno music.
A form of government where the businesses control the citizen's lives.
What is the definition of 'Teller'?
A bank employee who handles transactions
A type of fortune teller
A brand of kitchen appliances
A style of storytelling
A Time Deposit is:
a type of savings account with a fixed interest rate and fixed date of withdrawal. The owner cannot withdraw their money early without a penalty.
a type of checking account with no interest. The owner can withdraw their money whenever they want.
an investment in the stock market at a given time.
a loan given by the bank. to be returned in a timely fashion.
In the economic sense, tips are:
Suggestions or advice given to help someone.
A small gift of money given in return for a service.
A kind of dance done on tiptoe.
A musical instrument played with the tips of one's fingers.
Economically speaking, trade is the exchange of what?
Goods and services
Ideas and thoughts
Emotions and feelings
Time and effort
A Trade-Off is:
a situation where you gain something without losing anything.
Giving up some of one thing to get some of another. The opportunity cost of making a particular choice.
an agreement to trade goods without any conditions.
a method to increase profits without any risks.
What is Transportation?
The act of moving things from one place to another.
A type of food that takes you some place, emotionally.
A form of communication
A style of art
Which of the following best describes utility?
A measure of satisfaction from goods and services
A type of financial asset
A company that provides a public service, like electricity.
A legal term
What is Value?
A measure of worth or importance
A type of fruit
A mathematical operation
A historical event
Values are principles or standards of behavior that are considered important in life. Which of the following best describes values?
The way people behave and what they stand for.
Physical objects
Mathematical equations
Historical events
Who is a Volunteer?
A person who works for free
A person who is paid for their work
A person who only works part-time
A person who works only for themselves
What are Wages?
A form of payment for labor or services, typically paid on an hourly, daily, or weekly basis.
A type of investment in the stock market.
A government tax on goods and services.
A method of saving money for future expenses.
Wants are:
Basic needs required for survival
Desires that are not essential for survival
Mandatory obligations
None of the above
Wealth is defined as:
The abundance of valuable resources or material possessions
A state of being poor
A type of plant
A form of exercise
