Economic Concepts and Principles

Front

What are "needs"?

Back

Things required for basic survival

Front

Which of the following is an example of a "want"? Water, A new laptop, A jacket for winter, Food

Back

A new laptop

Front

What are "goods"?

Back

Physical things that can be bought or sold

Front

What is a "service"?

Back

A task done for someone, like teaching or fixing a car

Front

What is the definition of scarcity?

Back

Having limited resources to meet unlimited wants

Front

What is the study of "economics"?

Back

The study of managing limited resources to satisfy people's wants and needs

Front

A "shortage" occurs when: There’s more supply than demand, There’s not enough of a product to meet demand, A product’s price is very high, A product is overproduced

Back

There’s not enough of a product to meet demand

Front

Who is an "entrepreneur"?

Back

Someone who creates and runs a business to make a profit

Front

"Factors of production" include all of the following EXCEPT: Land, Labor, Capital, Sales

Back

Sales

Front

What does "land" mean in economics?

Back

All natural resources used in productions