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

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

• Capital
• Entrepreneurship 
• Land
• Labor

Having limited resources is another word for...

• Market
• Command Market
• Open Market
• Scarcity

Resources such as rivers, fish, trees and oil are called________________________.

• human resources
• capital resources
• natural resources
• goods

Skilled, hard working PEOPLE who make goods and provide services are an example of___________________.

• human resources
• natural resources
• capital resources
• goods

The TOOLS and MATERIALS needed to make goods and to provide services are called______________.

• natural resources
• capital resources
• human resources
• services