Unit 1 Economics (7th Grade Social Studies)

Question 1

Consumer willingness and ability to buy products

Accepted Answer

demand

Question 2

The price at which the consumer is willing to buy AND the producer is willing to sell.

Accepted Answer

equilibrium price

Question 3

occurring over a short period of time; immediate

Accepted Answer

short-term

Question 4

Taking place over a long period of time

Accepted Answer

long-term

Question 5

a synonym of "income" but on a larger scale.

Accepted Answer

revenue

Question 6

Anything that is used for a medium of exchange

Accepted Answer

money

Question 7

money received on a regular basis for work or through investments.

Accepted Answer

income

Question 8

the governing body of a nation, state, or community

Accepted Answer

government

Question 9

The ability to produce a good at a lower opportunity cost than another producer.

Accepted Answer

comparative advantage

Question 10

A measurement of the total goods and services produced within a country.

Accepted Answer

Gross Domestic Product (GDP)

Question 11

The natural features of a land's surface

Accepted Answer

landforms

Question 12

Tax paid to the federal, state, and local governments based on income earned.

Accepted Answer

income tax

Question 13

A resource that cannot be easily replaced (gems, iron, fossil fuels)

Accepted Answer

non-renewable resources

Question 14

a required payment to local, state, or federal government.

Accepted Answer

tax

Question 15

The quantity of something that producers have available to sell

Accepted Answer

supply

Question 16

The average weather conditions in an area over a long period of time.

Accepted Answer

climate

Question 17

A resource that can be replenished naturally over time.

Accepted Answer

renewable resource

Question 18

Beliefs, customs, and traditions of a specific group of people

Accepted Answer

culture

Question 19

The number of individuals in an area of a specific size.

Accepted Answer

population density

Question 20

A system in which power is divided between the national and state governments.

Accepted Answer

federal

Question 21

A good or service provided domestically and sold to another country.

Accepted Answer

export

Question 22

to bring goods or services into a country from another country

Accepted Answer

import

Question 23

all of the businesses that make up one kind of product or provide one type of service.

Accepted Answer

industry

Unit 1 Economics (7th Grade Social Studies)

Questions 23

Unit 1 Economics (7th Grade Social Studies)

Questions 23