Economics Quiz 1

An activity you pay someone to do for you

• Needs

• Wants

• Goods

• Services

The thing that you give up when you buy something

• Goods

• Opportunity Cost

• Resources

• Wants

Things you must have to survive

• Needs

• Wants

• Goods

• Services

Something used to produce goods and services

• Goods

• Services

• Resource

• Wants

A person who makes a good or provides a service

• Consumer

• Producer

• Needs

• Wants

Things we like to have but are not necessary to survive

• Goods

• Services

• Needs

• Wants

A person who buys or uses a good or services

• Consumer

• Producer

• Needs

• Wants

Anything you buy that you can hold or touch

• Goods

• Services

• Needs

• Wants