Integrated SS Unit 6 Vocab Quiz

A situation in which the amount of goods/service supplied by producers is greater than the amount demanded by consumers.

• Shortage
• Surplus
• Competition
• Equilibrium

A situation where the supply of the good or service is less than the demand for it.

• Shortage
• Surplus
• Competition
• Revenue

A nation's way of producing things its people want and need.

• Variable Cost
• Traditional Economy
• Economic System
• Market Economy

The money a business receives from selling its goods and services.

• Fixed Cost
• Revenue
• Surplus
• Equilibrium

Desire individuals and nations have tha can be met by a good or service.

• Needs
• Resources
• Wants
• Profit

A person/business who makes or provides goods or services?

• Consumer
• Demand
• Profit
• Producer

A person who buys and uses goods and services.

• Producer
• Consumer
• Surplus
• Equilibrium

A system in which individuals undertake ecomonic activities with little or no government control.

• Factors of Production
• Free Enterprise
• Opportunity Cost
• Mixed Market Economy

The act of buying or using goods and services

• Consumption
• Production
• Profit
• Variable Cost

Efforts by different businesses to sell the same good or service.

• Revenue
• Consumption
• Production
• Competition