Beginning Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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another word for business | commerce
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to trade without using money | barter
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an easy medium of exchange that represents value | money
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the money used to start a business | capital
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willing and able to sell at a given price | supply
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willing and able to purchase at a given price | demand
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things upon which your life, health and safety depend | needs
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things for which you desire or wish but life, health, and safety don't depend | wants
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things you need and want | goods
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things done for you to meet your needs | services
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businesses that grow or make goods | producers
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businesses that buy goods from producers and sell them to consumers | suppliers
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the people who buy goods and services | consumers
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a place where things are bought and sold | market
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prices of products when suppliers sell to suppliers | wholesale
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prices of products when suppliers sell to consumers | retail
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a plan for how money will be spent and earned | budget
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money that is spent | expenses
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money that is earned | income
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the amount of money earned before taxes and other deductions are taken out | gross
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the amount of money earned before taxes and other deductions are subtracted | net
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money paid to governments | taxes
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the money left over after all the expenses in a business are paid | profit
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the balance when more money is spent than is earned | deficit
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to set aside or accumulate money for needs or wants in the future | save
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the ability to obtain goods, services or money now in return for a promise to pay at some later date | credit
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a good sold and brought from another country | import
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a good sold to and sent to another country | export
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any substance which has economic vaue. It could be crops, natural vegetation, livestock, wildlife, minerals or landforms. | natural resource
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not using a resource at all, or leaving it alone | preservation
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using resources wisely | conservation
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limited resources with unlimited needs and wants | scarcity
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a national plan for the production and distribution of wealth | economic system
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an economic system where the consumers make all economic decisions | market economy
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an economic system where the government makes all economic decisions | command economy
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a kind of command economy where a one-party government representing the poor, working class people, owns all businesses and takes away the wealth of the rich and distributes it among the poor | communism
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a kind of market economy where people make economic decisions for their own benefit, pay lower taxes, and keep more of the money they earn for themselves | capitalism
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a kind of market economy where people make economic decisions together for the benefit of everyone, pay higher taxes, and receive more government services | socialism
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
lizkin
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