1.1: Scarcity Vocabulary Quiz

a situation in which there are not enough resources to satisfy human wants

• scarcity

• goods

• services

• consumer

objects that can be bought

• scarcity

• goods

• services

• consumer

paid work that one person does for others

• scarcity

• goods

• services

• consumer

a person who buys goods or services

• scarcity

• goods

• services

• consumer

a person who makes goods or provides services

• consumer

• producer

• factors of production

• goods

the resources needed to produce goods and services

• consumer

• producer

• factors of production

• goods

desires that can be satisfied by consuming a good or a service

• wants

• needs

• scarcity

• economics

things that are necessary for survival

• wants

• needs

• scarcity

• economics

the study of how individuals and societies satisfy their unlimited wants with limited resources

• wants

• needs

• scarcity

• economics

refers to all natural resources used to produce goods and services

• factors of production

• land

• labor

• capital