Economic Terms

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

• interdependence
• specialization
• scarcity
• market

4. Wants are unlimited.  Resources are limited.

• price and value
• scarcity
• specialization
• supply and demand

8.  What is NOT an example of a market?

• Lee Middle School
• Amazon
• Starbucks
• CVS

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

• Capital
• Entrepreneurship 
• Land
• Labor

the level of wealth and material comfort available in a country.

• wealth index
• standard of living
• standard of wealth
• living index

an economy in which most of the economic decisions are made by government planning groups. There is strict government control and regulations.

• traditional
• command
• market
• mixed

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

• Consumer
• Entrepreneur 
• Labor
• Capital

Business (ran by private citizens) determine what goods/services are produced and how they will be made.

• Market
• Command
• Traditional
• Mixed

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

• natural resources

• capital goods

• human capital

• services

What is economics?

• The study of money and how goods and services are made, distributed, and used
• The way the president is elected
• They way we save our money
• None of the above