SOL 11a Economic Vocabulary

Items or actions (such as free samples or sales) that motivate you to change your economic behavior are called ____.

• Incentives

• Resources

• Opportunity Cost

• Production

The inability to satisfy all your wants at the same time (since goods and services are limited) is called ____.

• Consumption

• Scarcity

• Opportunity Cost

• Resources

Factors of production used to make goods and services are called _____.

Hint: there are 4 kinds of these.

• Resources

• Incentives

• Choice

• Opportunity Cost

This is the name for resources that are found in the environment, such as water, wood, stone or cotton.

• Capital

• Human

• Natural

• Entrepreneurship

The cashiers at Target are this type of resource.

• Human

• Capital

• Natural

• Entrepreneurship

A tractor, a hammer or an assembly line are examples of this type of resource.

• Human

• Entrepreneurship

• Capital

• Natural

The idea for a new business, such as creating a new smart phone app, is this type of resource.

• Capital

• Human

• Natural

• Entrepreneurship

If you choose to buy a new shirt, then you can't buy a jumbo Blizzard at Dairy Queen. In this case, the ice cream is your ______.

• Opportunity Cost

• Consumption

• Scarcity

• Incentive

A factory making new iPhones is an example of _____.

• Incentives

• Choice

• Production

• Scarcity

You buy a new pair of shoes and wear them to school. You pay for Netflix and watch a movie. You buy a shake at McDonald's and eat it. These are all examples of ______.

• Consumption

• Production

• Incentives

• Opportunity Cost