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Economics Unit Test – Study Guide
Fill in the Blank – Use each term only once.
Consumer
Supply
Scarcity
Production
Capital Resources
Demand
Profit
Producer
Human Resources
Natural Resources
Entrepreneur
Limited Resources
Equity
Debt
Royalty
Salary
1)
A person who makes goods or services ____________________
2)
Someone who uses goods or services ____________________
3)
The amount of money that a company makes after all costs of running the
business are paid ____________________
4)
The amount of product that is available for people to purchase ____________________
5)
How much of a good or service people want and are able to buy
at a given price ____________________
6)
The process of making and providing goods and services for people to buy _______________
7)
Money that is paid to a worker for work completed _______________________
8)
When limited resources meet limitless needs and wants ____________________
9)
Things in nature that people use to provide goods and services _________________________
10)
People with skills who complete a job (workers) _____________________________
11)
Items such as land, buildings, tools, money, etc. that are used in the production of other goods
_____________________________________
12) Resources that can be used up ____________________________________
13) A stock that represents ownership interest in a company ____________________
14) Money owed by one party to a second party _________________________
15) Payment to an owner for use of his/her property ____________________________
16) What happens to the price of a good/service when there is an increase in supply and a decrease in
demand?
17) What happens to the price of a good/service when there is a decrease in supply and an increase in
demand?
18) HEB is buying oranges from Florida farmers who have just had one of the coldest winters in
history. Many of the trees they usually grow froze and could not be harvested; making the quantity
HEB could buy very low. What will the price be for consumers here in San Antonio?
19) Lebron James will become a free agent after next basketball season. Every team in the NBA will
be looking to sign him to play for their team. What will this do to the price of his contract if the San
Antonio Spurs wanted to sign him?
20) Read the following scenario:
You have $15,000 that you could either invest in a Company X’s stock or put it toward a college
degree. You choose to invest it in the stock. What is the opportunity cost in this scenario?
21) Name three characteristics of a capitalist economy.
22) Name three characteristics of a communist economy.
23) Name three characteristics of a socialist economy.
24) Name three characteristics of a traditional economy.
25) The United States has a mixed economy. Explain what that means and give examples from the
U.S. economic system to support your answer. Your response should be at least 5 sentences.