Economics Vocabulary & Definitions


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What's the difference between macroeconomics and microeconomics?

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1. Which of the following terms describes a tax that a country puts on imports of a certain type of product?

2. Which of the following is closest to the U.S. GDP in 2014?

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About This Quiz & Worksheet

Verify your understanding of different economic-related terms using this quiz/worksheet combo. Some of these terms include macroeconomics and GDP.

Quiz & Worksheet Goals

Look through our assets to check your knowledge of these economic topics:

  • Term referring to the reason individuals act in a certain way
  • One of the most important concepts to know regarding macroeconomics and microeconomics
  • The difference between microeconomics and macroeconomics
  • What taxing a certain product is called

Skills Practiced

  • Distinguishing differences - compare and contrast main topics, such as macroeconomics and microeconomics
  • Interpreting information - verify that you can read information regarding taxing a specific product and interpret it correctly
  • Information recall - access the knowledge you have gained about the word that describes why people act a certain way

Additional Learning

Address more economic terms using the lesson Economics Vocabulary & Definitions. Use this lesson to:

  • Determine what a market participant is
  • Review common macroeconomics terms
  • Identify characteristics of microeconomics