Vocabulary Skills Quiz

What does the term "division of labor" mean?

• Breaking a production into tasks and assigning each task to a worker.

• The division of a company into different departments.

• The process of dividing profits among workers.

• The act of labor unions dividing into smaller groups.

Which of the following is an example of "goods"?

• A haircut

• A car

• A cleaning service

• A music concert

What are "services"?

• Physical items that you can buy

• Work done for other people

• A type of good that is not tangible

• Products made by machines

What does "competition" refer to in economics?

• Working together to achieve a common goal

• A person or company that sells the same product or service

• The act of monopolizing a market

• The cooperation between different markets

What is the study of "economics" about?

• The study of planets and their movements

• The study of historical events and their causes

• Producing, distributing and consuming goods and services

• The study of different cultures and societies

Who are "producers"?

• People who consume products

• People or companies that provide goods or services

• People who only buy services

• Machines that produce goods

What does "specialization" mean in the context of work?

• Doing a variety of different jobs

• Choosing to produce certain goods or services and buy other goods or services

• Working only in large companies

• Avoiding any kind of work

What are "commercials"?

• Private conversations

• Public speeches

• Messages on television or radio that encourage peopole to buy a product

• News reports

Who are considered "consumers"?

• People who produce goods

• People who sell services

• People who buy or use goods and services

• Machines that consume energy

What does "risk" mean in a business context?

• The certainty of making a profit

• The chance of losing or failing

• The guarantee of breaking even

• The assurance of business success