Economic Terms

What are tangible objects that satisfy economic wants and needs?

• Goods
• Services
• Market
• Economy

What are activities performed by people, firms, or government agencies to satisfy economic wants and needs?

• Goods
• Services
• Market
• Economy

What is a system for producing, distributing, and consuming goods and services?

• Goods
• Services
• Market
• Economy

A person who buys and uses goods and services.

• Consumer
• Producer
• Entrepreneur 

Which of the following would be a land (natural) resource?

• Plastic
• Water
• Car
• Computer

Which would be an example of labor? 

• Computer
• Cash register
• Person mowing the grass
• Vacuum 

What are factories, machinery, and technology needed for businesses? 

• Capital
• Entrepreneurship 
• Land
• Labor

Who is a person who takes a risk to start a business?

• Consumer
• Entrepreneur 
• Labor
• Capital

An undeveloped economy in which customs and habits from the past determine how decisions will be made; may be found in rural areas with high levels of subsistence farming and rely on barter rather than currency

• Market
• Command
• Traditional

Most decisions of production and distribution are made by individuals and firms.

• Market
• Command
• Traditional