The Study Of Economics Test Review

Front

What is scarcity?

Back

The condition that results from having unlimited wants with limited resources

Front

Anyone who buys goods or services in an economy is a:

Back

consumer

Front

The cost of what someone gives up to get what he or she wants is called an:

Back

opportunity cost

Front

Goods that consumers would like to have but are not necessities for life are:

Back

wants

Front

Goods that consumers must have for survival are:

Back

needs

Front

The tools, equipment, and buildings that are used to produce goods and services by a business are:

Back

capital resources

Front

When society does not have enough resources to produce all the things people want and need it is called __________________; this is the basic economic problem.

Back

Scarcity

Front

A good that lasts 3 years or more when used on a regular basis. (example: a car)

Back

Durable Good

Front

A good that lasts fewer than 3 years when used on a regular basis. (example: food, clothes)

Back

Nondurable Good

Front

The ability or capacity of a good or service to be useful to someone.

Back

Utility