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Economics Vocabulary Quiz Chapters 1-2
Directions: Write in the vocabulary word that best fits the written description
1. Dollar value of all final goods, services, and structures produced within a country’s national borders
during a one year period
2. Another word for mixed economy
3. Income that does not increase even though prices go up
4. A type of economy where the government or a central planning agency makes the major economic
decisions
5. Person who uses goods and services to satisfy needs and wants
6. Economic activities in one part of the country or world affect what happens elsewhere
7. Extent to which persons or organizations are better off at the end of a period than they were at the
beginning; usually measured in dollars
8. Driving force that encourages people and organizations to improve their material well-being;
characteristic of capitalism and free enterprise
9. Fundamental economic problem facing all societies that results from a combination of scarce resources
and people’s virtually unlimited wants
10. Market economy in which privately owned businesses have the freedom to operate for a profit with
limited government intervention
11. Organized way a society provides for the wants and needs of its people
12. The struggle among sellers to attract consumers while lowering costs
13. Economic system in which the allocation of scarce resources and other economic activity is the result of
ritual, habit, or custom
14. Concept giving people the right to control their possessions as they wish; characteristic of capitalism and
free enterprise
15. Act of buyers and sellers freely and willingly engaging in market transactions; characteristic of
capitalism and free enterprise
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