Test your basic knowledge |

Civics: Economics

Subject : civics
Instructions:
  • Answer 38 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A business owned by an individual






2. The action of using your money to help a business get started or grow - with the hope that the business will earn a profit in which you can share






3. A business that is separate from the people who own it and legally acts as a single person






4. Resources people have for producing goods and services to satisfy their wants






5. Idea that resources are always limited compared with the number and variety of wants people have






6. Amount






7. Anything produced in an economy that is used to produce other goods and services






8. A type of business in which two or more people share ownership






9. When workers refuse to work unless employers meet certain demands






10. A savings plan with a set length of time that you must keep your money in the account






11. The payment for use of capital






12. The government or a central authority owns or controls the factors of production and makes the basic economic decisions






13. The practical application of science to commerce or industry






14. A system in which private individuals own the factors of production and are free to make their own choices about production - distribution - and consumption






15. One that is a mixture of the three basic systems






16. The basic economic decisions are made according to long-established patterns of behavior that are unlikely to change






17. The system in which individuals in a market economy are free to undertake economic activities with little or no control by the government






18. The amount of a product or service that buyers are willing and able to buy at different prices






19. The occupation for which you train and which you pursue as your life's work






20. Organizations of workers that seek to improve wages and working conditions and to protect members' rights






21. Indirect payments for work






22. The price at which buyers and sellers agree to trade






23. A system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and services






24. A guide published by the Department of Labor Bureau of Labor Statistics which tells about hundreds of jobs - their requirements - and their future possibilities






25. The amount of a product that producers are willing and able to offer at different prices






26. Refuse to buy






27. The process by which representatives of unions and business try to reach agreement about wages and working conditions






28. Expenses that have to be paid regularly - usually every month - such as rent and car payments






29. The act of buying or using goods and services






30. A plan by which a company gives protection from the cost of injury or loss






31. Expenses that change from month to month






32. The highest valued benefit given up when a choice is made






33. The difference between the total cost of production and the total revenues received from buyers






34. A manufacturer's promise to repair something it it breaks within a certain time from the date of purchase






35. The amount of money left after taxes have been paid






36. Payments from the profits of companies in which they own stock






37. A person who starts a business






38. The ability to turn savings back into cash