Economics Vocabulary: Question Preview (ID: 29571)


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ALL of the people, machines, AND natural things needed to produce a product or service
a) human resources
b) capital resources
c) natural resources
d) economic resources

Medium of exchange USED TO BUY AND SELL resources, goods, or services
a) Donuts
b) Currency
c) Market
d) Services

Any PLACE or SYSTEM that allows buyers and sellers to EXCHANGE GOODS OR SERVICES
a) Market
b) Economic Wants
c) Goods
d) Services

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

RESOURCES ARE LIMITED and you do not have an endless supply so you cannot meet everyone’s wants.
a) Interdependence
b) Market
c) Scarcity
d) Currency

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) Specialization
b) Interdependence
c) Market
d) Scarcity

PEOPLE doing physical or mental work TO PRODUCE goods or services
a) Natural Resources
b) Human Resources
c) Capital Resources
d) Market

Things MADE BY PEOPLE AND USED TO PRODUCE other goods and services
a) Currency
b) Human Resources
c) Natural Resources
d) Capital Resources

Gifts of NATURE that can be USED TO PRODUCE goods or services
a) Capital Resources
b) Human Resources
c) Economic Wants
d) Natural Resources

ACTIONS OR ACTIVITIES performed by people to satisfy economic wants
a) Services
b) Goods
c) Interdependence
d) Market

THINGS or PRODUCTS people make or grow that satisfy economic wants; things people desire and consume (use)
a) Economic Wants
b) Goods
c) Economic Resources
d) Worthless Junk :)

People’s DESIRES that can be satisfied by consuming (using) goods and /or services
a) Interdependence
b) Specialization
c) Economic Wants
d) Economic Resources

A hammer is a...
a) Capital Resource
b) Natural Resource
c) Human Resource
d) Imaginary Friend

The PERSON who cuts your hair at the hair salon is a...
a) Service
b) Good
c) Economic Want
d) Human Resource

A grocery store, a restaurant, and a hair salon are all examples of...
a) Natural Resources
b) Currency
c) Scarcity
d) Markets

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) Scarcity
b) Interdependence
c) Market
d) Currency

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) Scarcity
b) Natural Resources
c) Services
d) Interdependence

U.S. dollar bills and ancient Roman coins are both examples of...
a) Capital Resources
b) Currency
c) Goods
d) Services

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