
Economics and Geography
Quiz by Guy Whitman
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26 questions
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- Q1the study of how people and governments meet their wants and needs; science that deals with the production, distribution, and consumption of goods and servicesEconomicsProfitProducersConsumers120s
- Q2The 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)ImportCurrencyScarcityCompetition120s
- Q3When 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.SurplusOpportunity CostInflationDemand120s
- Q4The desire for a certain good or service.SupplyDemand120s
- Q5The amount of goods or services that are available for use.SupplyDemand120s
- Q6People or businesses that make and sell the products.ConsumersProducers120s
- Q7The people or businesses that buy, use, or consume the products.ConsumersProducers120s
- Q8The desire to earn money and save money are examples of this.EntrepreneurCompetitionIncentivesExports120s
- Q9The 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)BarterRecessionImportsSupply120s
- Q10where producers and consumers trade goods and servicesProfitInflationMarketConsumers120s
- Q11The 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)CurrencyInflationRecessionProfit120s
- Q12another name for money (paper and metal coins that can be used to buy things)EntrepreneurCompetitionCurrencyBarter120s
- Q13the struggle between businesses selling the same goods (example: Walmart vs Hy-Vee)SupplyDemandBarterCompetition120s
- Q14the money earned by selling goods and services (not profit but ___________)CompetitionSupplyRevenueDemand30s
- Q15Goods and services sold to other countries and sent to other countriesImportsExports120s