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. One that is a mixture of the three basic systems






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






3. 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






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






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






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






7. A business owned by an individual






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






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






10. A person who starts a business






11. 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






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






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






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






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






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






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






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






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






20. Indirect payments for work






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






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






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






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






25. Expenses that change from month to month






26. The payment for use of capital






27. The practical application of science to commerce or industry






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






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






30. The act of buying or using goods and services






31. Refuse to buy






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






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






34. Amount






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






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






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






38. The ability to turn savings back into cash