Economics Midterm Exam Review Questions With Correct Answers

Economics Midterm Exam Review
Questions With Correct Answers

Things that can be seen or touched - CORRECT ANSWER✔✔-goods
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Things that go into the making of goods and services - CORRECT
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ANSWER✔✔-resources


The study of problems and the impact of changes on the economy as a
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whole rather than on an individual part - CORRECT ANSWER✔✔-
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macroeconomics


The study of why people make one choice rather than another when
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buying and selling, spending, and saving - CORRECT ANSWER✔✔-
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economics


The study of problems and the effects of economic forces upon
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individual parts of the economy, such as business firms, households,
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and workers - CORRECT ANSWER✔✔-microeconomics
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Useful works that cannot be seen or touched - CORRECT ANSWER✔✔-
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services

, Professionals who study the workings of our economic system -
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CORRECT ANSWER✔✔-economists
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Users of goods and services - CORRECT ANSWER✔✔-consumers
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The term used to describe the choices made by people, businesses, and
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government - CORRECT ANSWER✔✔-trade-off
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The individual who organizes a business and assumes the risks and
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rewards - CORRECT ANSWER✔✔-entrepreneur
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The things provided by the world around us - CORRECT ANSWER✔✔-
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natural resources
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The machines, tools, and buildings used in the production of goods and
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services - CORRECT ANSWER✔✔-capital resources
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The people who make the goods and services - CORRECT ANSWER✔✔-
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producers


Means privately owned - CORRECT ANSWER✔✔-private property
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