Economics Vocab

Front

This term means using goods and services.

Back

Consumption

Front

Which type of resources would a cow be? Options: Natural, Human, Capital, Entrepreneurship

Back

Natural

Front

Which type of resource would a tractor be? Options: Human, Natural, Capital, Entrepreneurship

Back

Capital

Front

What do we call the process of combining resources to make goods and produce services?

Back

Production

Front

A teacher would be which type of resource? Options: Capital, Entrepreneurship, Natural, Human

Back

Human

Front

What do we call the amount of a good or service consumers are willing to buy? Options: Supply, Incentives, Demand, Consumption

Back

Demand

Front

Marlie really wants to go to the beach but gives up that trip to go to an amusement park. What is her opportunity cost?

Back

The value of the trip to the beach

Front

What term means we cannot satisfy all our wants and needs at the same time?

Back

Scarcity

Front

What is the name for a person who takes a risk to open a business in search of a profit? Options: Natural Resource, Capital, Employee, Entrepreneur

Back

Entrepreneur