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Objective 101 Test

Enter the letter for the matching Definition
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1.
Economics
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2.
Consumer
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3.
Market price
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4.
Economic decision-making
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5.
Marketplace
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6.
Command economy
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7.
Needs
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8.
Free enterprise
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9.
Economics Resources
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10.
Competitors
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11.
Traditional economy
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12.
Producers
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13.
Tradeoff
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14.
Market economy
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15.
Entrepreneurial resources
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16.
Mixed economy
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17.
Freedom of choice
A.
Individuals and organizations that determine which goods and services will be available for consumption
B.
Anywhere goods and services exchange hands
C.
Businesses that offer the same goods to the same costumers
D.
Opportunity to make choices of goods and services and accept consequences of decisions
E.
The point where supply and demand are equal
F.
Study of the decisions made for production, distribution, and consumption of goods and services to satisfy wants and needs
G.
Economic system which freedom to consume and produce goods and services exists
H.
Means from which goods and services are produced
I.
Process of choosing which needs or wants will be satisfied
J.
Economic system in which decisions are based on customs and centered family
K.
Combines elements of the command and market economies
L.
Goods and services are owned and controlled by the people
M.
Economics system in which the government owns resources and dictates what is produced
N.
Necessities required for living
O.
The initiative to combine natural, human, and capital resources
P.
Process of giving up something for gaining something else
Q.
Buys and uses the goods and services
Type the Term that corresponds to the displayed Definition.
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18.
Items purchased to satisfy needs and wants
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19.
Right to purchase, use, and discard of things of value
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20.
Money left after selling goods and services and costs of operating a business have been paid
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21.
Condition that exists when wants or needs exceed resources available
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22.
People using efforts, Knowledge, and skills at work to produce goods and services
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23.
Value of the next-best alternative that is forgone to produce or obtain another product
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24.
Raw materials supplied by nature
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25.
Activities that can be consumed at the time of purchase to satisfy needs and wants
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26.
Goods and money used in the production of goods and services
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27.
Goods that are purchased to add comfort or pleasure to life

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