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Economics 101 Vocab
Test Description: .
Instructions: Answer all questions to get your test result.
1) can't satisfy all wants at the same time because resources are limited
A
capital
B
scarcity
C
opportunity cost
D
equilibrium price
2) the other option you didn't choose
A
equilibrium price
B
scarcity
C
consumption
D
opportunity cost
3) something from nature used in production
A
captial
B
human resources
C
entrepreneur
D
natural resources
4) part of a job that involves people
A
entrepreneur
B
capital
C
natural resrouces
D
human resources
5) wealth in the form of money or valuable things
A
entrepreneur
B
natural resource
C
human resource
D
capital
6) a person who starts or runs a business
A
service
B
entrepreneur
C
consumption
D
capital
7) a physical thing you can buy
A
good
B
capital
C
consumption
D
service
8) something you pay a person to do
A
opportunity cost
B
scarcity
C
good
D
service
9) use of goods/services
A
consumption
B
scarcity
C
production
D
capital
10) the price where the supply and demand equal out
A
scarcity
B
opportunity cost
C
natural resource
D
equilibrium price
*select an answer for all questions
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