Economic Terms

People’s desires that can be satisfied by consuming goods and/or services is...

• Economic Wants
• Economic Resources
• Money Currency

Human, natural, and capital resources used to produce a good or provide a service (also called Productive Resources) is...

• Market
• Value and Price
• Economic Resources

Having limited resources is another word for...

• Market
• Command Market
• Open Market
• Scarcity

People focus on producing a few things instead of making everything they want by themselves is called...

• Economic Resources
• Scarcity
• Specialization

people, businesses, and nations depend on the goods and services of others to satisfy the wants they cannot satisfy on their own means...

• Specialization
• Interdependence
• Value and Price

Any place or system that allows buyers and sellers to exchange goods and services is called a...

• Market
• Internet
• Mall
• Money

a medium of exchange used to buy and sell resources, goods,or services is...

• Interdependence
• Value and Price
• Money Currency

The way a society organizes to produce, distribute, and consume goods and services is called a...

• Economic System
• Money Currency
• Specialization

A system in which customs handed down from generation to generation determine how a society is organized to produce, distribute, and consume goods and services is what type of market...

• Traditional System
• Market System
• Command System
• Mixed System

A system in which individuals and businesses make most of the major decisions about production and distribution of goods and services is what type of market...

• Traditional System
• Market System
• Command System
• Mixed System