Financial Lit Ch 1 Vocab
25 Questions
| Total Attempts: 100
Vocabulary test on basic economic terms such as needs, want, values, goals, supply, demand, etc.
Questions and Answers
- 1.Things that you would like to have but can live without
- A.
Resources
- B.
Needs
- C.
Wants
- D.
Goals
- 2.Anyone who buys or uses products
- A.
People
- B.
Businesses
- C.
Government
- D.
Consumer
- 3.A paid form of communication sent out by a business about its product or service
- A.
Puffery
- B.
Advertising
- C.
Production
- D.
Resources
- 4.A plan to reach long-term goals within a person's life is
- A.
Life span
- B.
Goals
- C.
Opportunity cost
- D.
Life-span plan
- 5.The quantity of a product that producers are willing and able to make available for sale at various prices over a given time period is demand.
- A.
True
- B.
False
- 6.The quantity of a good or service that consumers are willing and able to buy at various prices during a given time period is supply.
- A.
True
- B.
False
- 7.Things you cannot live without are called ___________________________________.
- 8.The things you want to accomplish in your life are called ____________________________.
- 9.Something you hope to achieve within a year is called a ______________________________.
- 10.The study of the role consumers play in an economic system is called
- A.
Equilibrium price
- B.
Resources
- C.
Economics
- D.
Consumer economics
- 11.The price at which the quantity supplied exactly equals the quantity demanded of a product.
- A.
Equilibrium price
- B.
Resources
- C.
Economics
- D.
Consumer economics
- 12.The study of how we make use of our resources is called:
- A.
Consumer economics
- B.
Resources
- C.
Equalibrium price
- D.
Economics
- 13.The gradual increase in the earth's average temperature is called:
- A.
Resources
- B.
Economics
- C.
Global warming
- D.
Production
- 14.The time between a person's birth and death is called a life-span goal.
- A.
True
- B.
False
- 15.Long-term goal that you want to reach during your life is called a long term goal.
- A.
True
- B.
False
- 16.Something you hope to achieve over a period of years is called
- A.
Short-term goal
- B.
Life-span goal
- C.
Puffery
- D.
Long-term goal
- 17.The value of your next best alternative whenever you make a choice is called
- A.
Resources
- B.
Opportunity cost
- C.
Production
- D.
Profit
- 18.The creation of goods and services is called production.
- A.
True
- B.
False
- 19.The difference between the money received from selling a product and the cost of producing that product is called
- A.
Equilibrium price
- B.
Puffery
- C.
Scarcity
- D.
Profit
- 20.Innocent exaggerations used to sell products is called
- A.
Equilibrium price
- B.
Puffery
- C.
Scarcity
- D.
Profit
- 21.A choice made in an organized, logical manner, so that it will most likely fulfill your need or want is a rational buying decision.
- A.
True
- B.
False
- 22.The basic economic problem that consumers' wants are always greater than the resources available to satisfy those wants is called
- A.
Scarcity
- B.
Economics
- C.
Resources
- D.
Profit
- 23.All things used to create other goods or services is called
- A.
Scarcity
- B.
Economics
- C.
Resources
- D.
Profit
- 24.Something you hope to achieve within a year is called a goal.
- A.
True
- B.
False
- 25.The standards you use to judge what is right and wrong, good and bad, important and unimportant for you are goals.
- A.
True
- B.
False
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