Lesson 6A (Economic Basics) Test Review

What do you call the cost of what you have to give up to get something?

What economic systems is based on individual consumers and producers freely making economic decisions?

(True or False) Not every society has an economic system.

What do we call the cost of making one more unit of product?

The cost or money spent for something is called?

What factor of production includes natural resources?

Manufacturing is an example of what level of economic activity?

What do we call having a limited quantity of resources to meet unlimited wants?

What is the most basic of economic systems; based on customs and traditions?

A teacher is an example of what level of economic activity?

What economic systems is based on the central government making all the economic decisions?

What economic system is associated with Communism?

A general increase in prices and fall in purchasing value of money in an economy?

(True or False) Countries of the world use the exact same currency.

The money a company has left after subtracting its costs from the money it has received from its sale?

A general decline in prices in an economy?

The first thing you should associate with the term Economy or Economics?

The activity or marketing advertisements (Ads) for products or services?

What do we call the study of how people meet their needs and wants?

What is the term used to describe something that encourages people to act in a certain way?

What economic system is associated with Socialism?

(True or False) The economic process is complicated, but its basic idea is simple.

(True or False) A command economy encourages economic freedom.

(True or False) You are engaged in economic activities every day.

(True or False) The roles of individuals, businesses, and governments are the same in each economic system.

What do we call the desire for a certain good or service?

What are things done for you; helpful or valuable actions - often involving skill?

A person who uses the factors of production to create a new business is called an?

How do people satisfy their needs and wants in a traditional economy?

What do we call the amount of goods or services that are available?

What do we call the act of concentration on a limited number of goods or services?

Which of the following is "NOT" one of the principles that a market economy is based one?

What are physical products that you can touch?

Farming is an example of what level of economic activity?

(True or False) Money is the world’s most common incentive.

Producers and Consumers exchange goods and services in a?

In today's society, what do we call digital currency?

What economic system is associated with Capitalism?

(True or False) Today, traditional economies are very common.

Modern governments issue currency (money) in what (2) forms?

What factor of production is the work that people do?

A bank is an example of what level of economic activity?

(True or False) Competition doesn't affect producers or consumers.

(True or False) Mixed economies are concerned with social justice and creating equity by income redistribution.

Is the money earned by selling goods and services?

They are people or businesses that make and sell goods and services?

What factor of production includes money and human-made goods and services such as machinery and buildings?

They are people or businesses that buy or use (consume) goods and services?

What do we call a decline in economic growth for six (6) or more months in a row?

Trading goods and services for other goods and services is called what?