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WorksheetsSocial Studies Vocabulary Quiz
Total questions: 15
Worksheet time: 8mins
What is the definition of Expenses?
Costs related to a business
A tax placed on an imported good
Something useful to humans from nature
A tool used in the production of goods
What is a Tariff?
Costs related to a business
A tax placed on an imported good
Something useful to humans from nature
A tool used in the production of goods
Define Natural resource.
Costs related to a business
A tax placed on an imported good
Something useful to humans from nature
A tool used in the production of goods
What is a Capital resource?
Costs related to a business
A tax placed on an imported good
Something useful to humans from nature
A tool used in the production of goods
What does the Consumer Price Index measure?
Whether prices of goods and services have risen or fallen
The total value of goods and services produced in the US
The quantity of a good or service available for sale
The amount left after costs are subtracted from price
What is a Command economy?
An economy where the government directs the economic system
A person who satisfies a need or want by buying a good or service
A necessity in a market economy for trade
The amount left after costs are subtracted from price
Who is a Consumer?
A person who satisfies a need or want by buying a good or service
An economy where the government directs the economic system
A necessity in a market economy for trade
The amount left after costs are subtracted from price
What is Voluntary exchange?
A necessity in a market economy for trade
A person who satisfies a need or want by buying a good or service
An economy where the government directs the economic system
The amount left after costs are subtracted from price
Define Profit.
The amount left after costs are subtracted from price
A necessity in a market economy for trade
A person who satisfies a need or want by buying a good or service
An economy where the government directs the economic system
What is Entrepreneurship?
Risking time and money in the hopes of creating a successful business
The quantity of a good or service available for sale
The total value of goods and services produced in the US
Whether prices of goods and services have risen or fallen
What does Supply refer to?
The quantity of a good or service available for sale
Risking time and money in the hopes of creating a successful business
The total value of goods and services produced in the US
Whether prices of goods and services have risen or fallen
What is Gross Domestic Product (GDP)?
The total value of goods and services produced in the US
The quantity of a good or service available for sale
Risking time and money in the hopes of creating a successful business
Whether prices of goods and services have risen or fallen
What are Factors of Production?
The things needed to produce goods and services
The total value of goods and services produced in the US
The quantity of a good or service available for sale
Risking time and money in the hopes of creating a successful business
Define Economy.
How people manage material resources in a community
The things needed to produce goods and services
The total value of goods and services produced in the US
The quantity of a good or service available for sale
What is Mercantilism?
The idea that colonies existed to contribute to the wealth and power of the mother nation
How people manage material resources in a community
The things needed to produce goods and services
The total value of goods and services produced in the US
