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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
equilibrium price
B
opportunity cost
C
capital
D
scarcity
2) the other option you didn't choose
A
consumption
B
scarcity
C
opportunity cost
D
equilibrium price
3) something from nature used in production
A
captial
B
entrepreneur
C
human resources
D
natural resources
4) part of a job that involves people
A
human resources
B
natural resrouces
C
capital
D
entrepreneur
5) wealth in the form of money or valuable things
A
entrepreneur
B
human resource
C
natural resource
D
capital
6) a person who starts or runs a business
A
consumption
B
entrepreneur
C
service
D
capital
7) a physical thing you can buy
A
service
B
capital
C
consumption
D
good
8) something you pay a person to do
A
opportunity cost
B
good
C
service
D
scarcity
9) use of goods/services
A
production
B
capital
C
scarcity
D
consumption
10) the price where the supply and demand equal out
A
opportunity cost
B
natural resource
C
equilibrium price
D
scarcity
*select an answer for all questions
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