WorksheetsFall Mid-Term/Final
Total questions: 59
Worksheet time: 35mins
Term for activities in developing and exchanging products
Market
Entrepreneurship
Fair Trade
Business
Something you want but don't need
Trade
Want
Preference
The study of buying and selling goods is called
A. Economics
B. Consumerism
C. Market Surveys
D. Statistics
Match the market type to its description
Traditional
Economic decisions are based on a society's values, culture, and customs
Command
Government makes all economic decisions
Market
Individuals are free to make their own economic decisions
Mixed
System in which both government and individuals make economic decisions
The price of a product is set by supply and demand.
The law of economics
The law of supply & demand
The law of big profits
Economies of Scale
The basic economic problem is that unlimited wants cannot be satisfied by ______ resources.
limited
unlimited
expensive
renewable
Which of the following is NOT a characteristic of a free enterprise system?
Citizens can own property
Companies can earn profits
Government decides who can own a business
Competition is allowed
Factors that affect the price, demand, and availability of products are called ______.
economic forces
natural resources
technological advances
cultural trends
The willingness to start a new business is called
Crazy
Risk Taking
Business Venture
Entrepreneurship
The value of the next best option not chosen is called
Alternative Sacrifice
Less than what I got (I hope)
Choosing an option after evaluating information and weighing costs and benefits
Economic option selection
Logic and critical thinking
Systematic decision making
Weighing your options
The _ is alternating periods of expansion and contraction in the economy.
Business cycle
Market impact factor
Normal way of things
Competitive measure
The market value of all final goods produced in a country during a certain period.
Gross Domestic Product
Internal Trade Index
Product Exports
Consumer Consumption Data
Cost of debt is
Interest
Loan payment
Principal
(No option provided)
_ policy controls money supply and interest rates in an economy.
Economic
Central Banking
Fiscal
Monetary
The total money in circulation in a country
Money supply
Monetary policy
Fiscal inventory
Available funds
A legally binding agreement between people or businesses
Contract
Invoice
Receipt
Proposal
Market structure where one business controls the entire supply of goods or services
Monopoly
Monopolistic Competition
Perfect Competition
Oligopoly
Shared beliefs, customs, and social behavior of a group is called _______.
culture
economy
technology
government
Goods, services, and capital brought into a country are called _______.
imports
exports
tariffs
quotas
The difference between the value of goods entering and leaving a country is called _______.
balance of trade
gross domestic product
exchange rate
inflation
A business that operates in more than one country is called
International cross entity
a multinational corporation
globalized
world organization
Which of the following are used to assess a country's economic condition and guide fiscal and monetary policy? (choose all that apply)
Net Exports
Congressional satisfaction
Gross Domestic Product
Employment Figures
Term for activities in developing and exchanging products
Entrepreneurship
Business
Fair Trade
Market
Something you want but don't need
Want
Need
Necessity
Requirement
Match the Utility to its description. Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or touchpad. Responses can also be moved by dragging with a mouse.
Form
Has to do with aesthetics - looks, design, features
Place
has to do with where the product or service can be obtained
Time
Pertains to availability on the customers preferred schedule
Information
making troubleshooting or installation instructions easy to use and access can h
Possession
tools that allow the customer to have a product in their hands - financing, late
The price of a product depends on supply and demand.
The law of economics
The law of big profits
Economies of Scale
The law of supply & demand
The basic economic problem is
wants cannot be filled by resources
resources are unlimited
wants are limited
all resources are free
Fill in the blank: 1. ________
unlimited
limited
finite
restricted
Fill in the blank: 2. ________
limited
unlimited
restricted
expanded
Which of the following is NOT a feature of a free enterprise system?
Citizens can own property
Companies can earn profits
Government decides who can own a business
Competition is allowed
Factors that affect the price, demand and availability of products are called
Market forces
Variables
Consumer demands
The willingness to start a business is called
Business Venture
Crazy
Entrepreneurship
Risk Taking
The value of the next best option not chosen is called
Option Weighting
Alternative Sacrifice
Less than what I got
Opportunity cost
Choosing an option after evaluating information and weighing costs and benefits
Weighing your options
Systematic decision making
Economic option selection
Logic and critical thinking
The _ is a period of expansion and contraction in the economy.
Business cycle
Normal way of things
Market impact factor
Competitive measure
The _ measures the average change in prices paid by consumers for goods and services over time.
Business cycle
Normal way of things
Market impact factor
Competitive measure
The US central bank is called the
Federal Reserve System
National Bank
Central Reserve System
Bank of America
The market value of all final products made in a country in a certain period.
Gross Domestic Product
Product Exports
Internal Trade Index
Consumer Consumption Data
What is the cost of debt?
Principle
Interest
Loan payment
Collector's Insurance
_ policy controls money supply and interest rates in an economy.
Fiscal
Monetary
Economic
Central Banking
Total money in circulation in a country
Monetary policy
Fiscal inventory
Available funds
Money supply
A legally binding agreement between two or more people or businesses
Match the following:
Document
Document
Contract
Contract
Bargain
Bargain
Handshake
Handshake
Market structure where one business controls the entire supply of goods or services
Perfect Competition
Monopolistic Competition
Monopoly
Oligopoly
Which of the following is NOT included in the Consumer Bill of Rights?
The right to have problems corrected
The right to demand
Match the term to the definition:
Trade law
is a body of laws related to the exchange of goods and services for international trade.
Import quota
a limit on the amount of a product imported into a country during a specific period of time.
Economic integration
the connection made among nations when economies freely move goods, labor, and money across borders.
Import restriction
any government action taken to control or limit the amount of imports.
Embargo
order that prohibits trade with a foreign country.
Fill in the blank: The influence of beliefs, customs, arts, and institutions is called _________.
Culture
Geography
Economy
Climate
Goods and services brought into a country from abroad are called _________.
Imports
Exports
Tariffs
Subsidies
Fill in the blank: The difference between exports and imports is called the _________
Balance of Trade
Gross Domestic Product
Inflation Rate
Exchange Rate
A business that operates in more than one country is called
Globalized
International cross entity
World organization
Multinational corporation
Which data is used to assess a country's economic condition and adjust fiscal and monetary policy? (choose all that apply)
Bank & Business Robbery Rate
GDP
________ is when a business sells the right to make its products or use its trademark with rules on how the business is run. An international ________.
Licensing
Franchising
Outsourcing
Joint Venture
________ lets a company use another company's intellectual property and marks in a certain area for a fee. A ________.
Franchise
Subsidiary
Joint Venture
Merger
_____ is the easiest way for a company to begin operations in other countries, and may limit risk.
license
franchise
joint venture
merger
Businesses are created for what reason(s) - choose all that are correct
to fill a want or need for a market
to make profits
so the owners can make their kids work
to give people something to do besides tik tok
The primary objective of any business is to
make a profit
add to the economy
help people
give shelter to animals
Match the term to the definition
is a body of laws related to the exchange of goods and services for international trade.
Trade Policy
order that prohibits trade with a foreign country.
Embargo
is a tax imposed on imported goods.
Tariff
is an agreement between two or more countries to reduce trade barriers.
Trade Agreement
is the total value of goods and services produced within a country in a given period.The difference in the value of goods that come in to a country vs. those that go out. This could result in a trade surplus or trade deficit.
Balance of Trade
Match the term to the definition
Quota
a limit on the amount of a product impor
Trade Barrier
action taken to limit imports
Sanction
penalties imposed by one country on another
Exports
goods sold to another country
Globalization
free movement of goods between countries
