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Economics Vocabulary
Test Description: Intro to Economics Review
Instructions: Answer all questions to get your test result.
1) People’s DESIRES that can be satisfied by consuming (using) goods and /or services
A
Economic Wants
B
Economic Resources
C
Interdependence
D
Specialization
2) THINGS or PRODUCTS people make or grow that satisfy economic wants; things people desire and consume (use)
A
Economic Resources
B
Worthless Junk :)
C
Goods
D
Economic Wants
3) ACTIONS OR ACTIVITIES performed by people to satisfy economic wants
A
Interdependence
B
Market
C
Goods
D
Services
4) Gifts of NATURE that can be USED TO PRODUCE goods or services
A
Natural Resources
B
Human Resources
C
Capital Resources
D
Economic Wants
5) PEOPLE doing physical or mental work TO PRODUCE goods or services
A
Capital Resources
B
Natural Resources
C
Market
D
Human Resources
6) Things MADE BY PEOPLE AND USED TO PRODUCE other goods and services
A
Currency
B
Natural Resources
C
Capital Resources
D
Human Resources
7) RESOURCES ARE LIMITED and you do not have an endless supply so you cannot meet everyone’s wants.
A
Currency
B
Market
C
Interdependence
D
Scarcity
8) Individual people focus on producing a few things or one thing instead of making everything they want by themselves. They then trade for other goods and services they want or need.
A
Interdependence
B
Scarcity
C
Specialization
D
Market
9) People, businesses, and nations DEPEND ON OTHERS to make goods and services to satisfy the wants they cannot satisfy on their own
A
Market
B
Economic Wants
C
Scarcity
D
Interdependence
10) Any PLACE or SYSTEM that allows buyers and sellers to EXCHANGE GOODS OR SERVICES
A
Goods
B
Economic Wants
C
Services
D
Market
11) Medium of exchange USED TO BUY AND SELL resources, goods, or services
A
Donuts
B
Services
C
Currency
D
Market
12) ALL of the people, machines, AND natural things needed to produce a product or service
A
natural resources
B
economic resources
C
capital resources
D
human resources
13) A hammer is a...
A
Imaginary Friend
B
Capital Resource
C
Human Resource
D
Natural Resource
14) The PERSON who cuts your hair at the hair salon is a...
A
Service
B
Economic Want
C
Good
D
Human Resource
15) A grocery store, a restaurant, and a hair salon are all examples of...
A
Natural Resources
B
Markets
C
Currency
D
Scarcity
16) You want to make cookies and bake a cake, but you only have enough flour to do one of those things, so you have to make a choice. This is an example of...
A
Market
B
Interdependence
C
Currency
D
Scarcity
17) A t-shirt maker depends on buying cloth from one company and buying sewing machines from another company. Without these companies, the t-shirt maker could not produce its product. This is an example of...
A
Interdependence
B
Natural Resources
C
Services
D
Scarcity
18) U.S. dollar bills and ancient Roman coins are both examples of...
A
Currency
B
Services
C
Capital Resources
D
Goods
*select an answer for all questions
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