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. The price at which buyers and sellers agree to trade






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






3. Amount






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






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






6. The act of buying or using goods and services






7. A business owned by an individual






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






9. Indirect payments for work






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






11. The payment for use of capital






12. The ability to turn savings back into cash






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






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






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






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






17. The practical application of science to commerce or industry






18. 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






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






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






21. Refuse to buy






22. 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






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






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






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






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






27. Expenses that change from month to month






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






29. A person who starts a business






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






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






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






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






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






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






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






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






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