Economics Vocabulary

Front

Which term is an economic term for MAKING goods and services?

Back

Production

Front

Which economics term describes the physical things that are bought and sold in the economy?

Back

Goods

Front

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

Back

Scarcity

Front

Which economics term describes the actions that people perform for us that are bought and sold? Options:

Goods

,

Production

,

Services

,

Consumption

Back

Services

Front

Which of the following is the best example of a NEED?

a solid gold guitar

,

a glass of juice

,

a video game console

,

a basketball

Back

a glass of juice

Front

Which of the following is the best example of a WANT?

• A plate of spaghetti
• A t-shirt
• An apartment
• A haircut

Back

A haircut

Front

Which economic term describes people buying and using goods and services?

Back

Consumption

Front

Which of the following BEST describes the subject of economics?

Back

The study of the choices people make when faced with limited resources.

Front

What difference was important in the way that pharmacies were allowed to stay open in April 2020 while nail salons were not?

Back

The difference between needs and wants

Front

Which of the following topics are studied in economics?

Back

People's jobs and their pay, Government decisions such as taxes, Business decisions such as prices charged, People's choices when making purchases