More Economics Vocab: Question Preview (ID: 29395)


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Coins, paper bills, and checks used to buy basic needs and wants (used in exchange for goods and services)
a) Money
b) Consumer
c) Profit
d) Supply

A person or business that supplies goods and/or services
a) Producer
b) Consumer
c) Resources
d) Goods

a person who uses goods and services Example: A consumer uses clothes by wearing them
a) Consumer
b) Producer
c) Resources
d) Goods

the choice of or decision among alternatives or possibilities
a) Economic Choice
b) Capital Resources
c) Opportunity Cost
d) Scarcity

Goods made by people and used to produce other goods and services (hammers, computers, trucks, lawn mowers, machines, factory buildings)
a) Capital Resources
b) Natural Resources
c) Human Resources
d) Entrepreneurship

people working to produce goods and services (farmers, miners, builders, painters)
a) Human Resources
b) Natural Resources
c) Capital Resources
d) Entrepreneurship

materials that come from nature (water, soil, wood, coal)
a) Natural Resources
b) Capital Resources
c) Human Resources
d) Entrepreneurship

Communism/Socialism/Dictatorships are associated with
a) Command Economies
b) Mixed Economies
c) Free Market Economies
d) Traditional Economies

The United States/Canada/Australia have
a) Mixed Economies
b) Free Market Economies
c) Traditional Economies
d) Command Economies

True Free Market Economies Exist
a) False
b) True
c)
d)

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