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Economics and Geography

Quiz by Guy Whitman

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26 questions
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  • Q1
    the study of how people and governments meet their wants and needs; science that deals with the production, distribution, and consumption of goods and services
    Economics
    Profit
    Producers
    Consumers
    120s
  • Q2
    The difference between my wants and the reality of what I can afford is called this. (I might want a new iPhone that costs $999.00, but I only have $100.00)
    Import
    Currency
    Scarcity
    Competition
    120s
  • Q3
    When I make decisions about what I want to buy I have to consider how much I have to give up to buy certain items. The cost of what you have to give up is called this.
    Surplus
    Opportunity Cost
    Inflation
    Demand
    120s
  • Q4
    The desire for a certain good or service.
    Supply
    Demand
    120s
  • Q5
    The amount of goods or services that are available for use.
    Supply
    Demand
    120s
  • Q6
    People or businesses that make and sell the products.
    Consumers
    Producers
    120s
  • Q7
    The people or businesses that buy, use, or consume the products.
    Consumers
    Producers
    120s
  • Q8
    The desire to earn money and save money are examples of this.
    Entrepreneur
    Competition
    Incentives
    Exports
    120s
  • Q9
    The trading of goods and/or services (Ex: two children discussing Pokemon Cards that they want to own as they give their cards to each other)
    Barter
    Recession
    Imports
    Supply
    120s
  • Q10
    where producers and consumers trade goods and services
    Profit
    Inflation
    Market
    Consumers
    120s
  • Q11
    The money a company has LEFT OVER AFTER SUBTRACTING COSTS of doing businesses (Ex: I charge $7.00 to mow a lawn, but gasoline costs $2.00. My _________ is $5.00)
    Currency
    Inflation
    Recession
    Profit
    120s
  • Q12
    another name for money (paper and metal coins that can be used to buy things)
    Entrepreneur
    Competition
    Currency
    Barter
    120s
  • Q13
    the struggle between businesses selling the same goods (example: Walmart vs Hy-Vee)
    Supply
    Demand
    Barter
    Competition
    120s
  • Q14
    the money earned by selling goods and services (not profit but ___________)
    Competition
    Supply
    Revenue
    Demand
    30s
  • Q15
    Goods and services sold to other countries and sent to other countries
    Imports
    Exports
    120s

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