Ch. 13 - Personal Finance Test

Economics is a study of consumer....

• Choices

• Availability

• Supply

• Demand

Every country has a unique _____________ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.

• Economic System

• Entrepreneurship

• Supply & Demand

• Command Economy

The U.S. is mostly a ......

• Focused Economy

• Free Market

• Demand

• GDP

What you choose to __________________ has a(n) ____________ on the economies of other countries

• Buy;impact

• Make;influence

• Do;fallout

• Trade;affect

Economic interdependence......

• Describes how all the countries of the world handle their money

• Describes how many countries and companies around the world depend upon each other

• Means that we're all dependent upon the economy for our personal happiness

• Means that countries do not depend on each other for their economic well-being

A _______________economy is built on primary industries such as fishing and farming, and it generally has very little surplus.

• Market

• Mixed

• Traditional

• Command

What is specialization?

• It's when a person chooses to specialize in one career field but it ends up harming their economy

• It's when capitalist nation decides to focus its efforts on producing only 7 types of services

• It's when a country focuses its efforts on producing a limited variety of goods or services

• It's when an economy is completely self-sustaining

The buying and selling of various goods and services is called ________

• Marketplace

• Trade

• Scarcity

• Economic Interdependence

_____________is the science of the whole economy, while _____________ is the study of people, individual businesses, or markets.

• Global Economics, Microeconomics

• Macroeconomics, Global Economics

• Macroeconomics, Microeconomics

• Microeconomics, Macroeconomics

Supply and demand helps us understand how the ________________ of a particular product and the ________________for it affect the price of the item.

• Worth, Supply

• Look, Feel

• Demand, Need

• Availability, Desire