Economics Test Review

Question 1

Goods bought and used by consumers

Answer 1

Consumer goods

Question 2

When we do not have enough resources to produce all of the things we would like to have

Answer 2

Scarcity

Question 3

Those which do not require monetary payment

Answer 3

Non-economic want

Question 4

Goods that are used in producing other goods

Answer 4

Capital Goods

Question 5

Things that are inputs to production of goods and services

Answer 5

Economic Resources

Question 6

A business responsible for all things worker related

Answer 6

Human Resources

Question 7

A behaviour of individuals in society

Answer 7

Ethics

Question 8

A process that, based on inputs, lead to the manufacture good

Answer 8

Economic Activity

Question 9

Satisfaction levels consumers receive from buying and using the product

Answer 9

Economic Utility

Question 10

The value given to a product by virtue

Answer 10

Form Utility

Question 11

Making goods or services available in locations for early access products and services

Answer 11

Place Utility

Question 12

Provides goods or services when they demand or need them

Answer 12

Time Utility

Question 13

The value given to a product by virtue of the fact that the buyer has the legal right to own and use it freely

Answer 13

Possession Utility

Question 14

A demand in which changes in price have large effects on the amount demanded

Answer 14

Elastic Demand

Question 15

A demand in which changes in price have no effects on the amount demanded

Answer 15

Inelastic Demand

Question 16

The combination of economic variables

Answer 16

Economic Equilibrium

Question 17

The study of the economic behavior and decision making of small units, such as individuals, families, and businesses

Answer 17

Microeconomics

Question 18

The duty of a business to contribute to the well-being of a community

Answer 18

Social Responsibility

Question 19

Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low

Answer 19

Law of Supply and Demand

Question 20

Quality of life based on ownership of necessities and luxuries that make life easier.

Answer 20

Standard of living

Question 21

Things used to produce goods and services, like buildings, materials, and equipment

Answer 21

Capital Resources

Question 22

The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

Answer 22

Macroeconomics

Question 23

Whatever is given up when we make an economic decision.

Answer 23

Opportunity Cost

Question 24

This is the alternative we give up when we choose to do one thing rather than another.

Answer 24

Trade Off

Question 25

Tasks/work that people do for others for payment/money.

Answer 25

Services

Question 26

Things people desire

Answer 26

Wants

Question 27

The price of one good in comparison with the price of other goods

Answer 27

Relative price

Question 28

The two main divisions of the trade industry

Answer 28

Wholesalers & Retailers

Question 29

A resource that cannot be replaced

Answer 29

Non-reusable Resource

Question 30

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

Answer 30

Capitalism

Question 31

Any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time

Answer 31

Renewable Resource

Question 32

The process of creating the goods and services we use to satisfy our needs and wants.

Answer 32

Production

Question 33

Things that everyone must have to survive Food Clothing Shelter

Answer 33

Needs

Question 34

Things that can be used to produce goods and services.

Answer 34

Resources

Question 35

Things that you can see, touch, buy and sell.

Answer 35

Goods