Economics Terms

_______ involves the vision, skills, and risk-taking needed to create and run businesses.

• Labor

• Capital

• Entrepreneurship

• Utility

A ______ is a person who buys or uses goods and services.

• service

• consumer

• good

• utility

All four factors of production have one thing in common, their _____ is limited.

• goods

• consumers

• utility

• supply

A _____ is something that is necessary for survival like air, food/water, clothing, and shelter.

• need

• consumer

• good

• utility

_____ is the benefit or satisfaction received from using a good or service.

• Need

• Consumer

• Good

• Utility

At its core, _____ is how individuals and societies satisfy their unlimited wants with limited resources.

• production

• utility

• economics

• incentives

Factors of _____ are the resources needed to produce goods and services

• scarcity

• production

• incentives

• economics

A _____ is an item we desire but that is not essential to survival.

• need

• labor

• good

• want

_____ is all the resources made and used by people to produce goods and services.

• Capital

• Consumer

• Incentives

• Scarcity

____ are physical objects such as clothing, shoes, foods, toys, furniture, etc. that can be bought.

• Needs

• Services

• Goods

• Wants