Economics Vocab Test

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1.
5 points
Natural resources are resources that have been manufactured, process or generally 'man-made'.
2.
5 points
The best discription of a producer is
3.
5 points
Two examples of a command economy are communism and socialism.
4.
5 points
Labor is the sum total of all human physical and mental effort used in the creation of goods and services.
5.
5 points
The fundamental economic concept that describes the total amount of a specific good or service that is available to consumers is
6.
5 points
A depression is a severe decline in the GDP that last for two or more years.
7.
5 points
An economic system is the way a state or nation organizes the allocation of resources.
8.
5 points
Economics is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants.
9.
5 points
The rate at which the general level of prices for goods and services fall and purchasing power increases is called inflation.
10.
5 points
Capital goods are intangible assets.
11.
5 points
The best example of a command economy is capitalism.
12.
5 points
Which is NOT one of the five stages of the business cycle?
13.
5 points
An economic system in which decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses with little government intervention.
14.
5 points
Supply is the economic principle that is described as consumer’s desire and willingness to pay a price for a certain good or service.
15.
5 points
Privatization is best described as