Economy Vocab Test

Front

Money made by a business is

Back

profit

Front

Uses goods or services

Back

consumer

Front

Economic system allowing business with minimal government involvement.

Back

Free enterprise system

Front

All businesses providing the same service/good.

Back

industry

Front

Two or more groups relying on each other for goods and services.

Back

interdependent

Front

True or false: Something you can use or consume is a service.

Back

False

Front

Economy: How a country uses its money and resources.

Back

True

Front

An economy based on various industries is a diverse economy.

Back

True

Front

High demand for rare items raises prices; low demand for common items lowers prices. Example of:

Back

supply and demand

Front

Two groups competing for customers is called a profit.

Back

False