Economics 5.0 - Vocabulary #1

What word means the process or activity of using goods and services?

• Consumer

• Consumption

• Economic Digestion

• Economic Want

Economics is defined as. . .

• the study of the exchange of goods and resources.

• the study of how to meet unlimited competing wants with limited resources.

• the study of scarcity versus wants and needs in relation to economics.

• none of the above.

The process of trading one good/service for another is called. . .

• economic productivity

• trading

• exchange

• meeting economic needs

The term Human Resources refers to the human capacity to achieve economic success.

• True

• False

The term for any resource found in nature that is used to produce goods and services is called. . .

• non-economic resources

• natural resources

• scarce resources

• none of the above

Giving up all or a part of one thing in order to get something else is. . .

• opportunity cost

• trade-off

• rationing

• production

The benefit that is lost when you decide to use scarce resources for one purpose rather than for another is. . .

• cost benefit analysis

• opportunity cost

• trade-off

• production

The term scarcity refers to. . .

• the best time for producers to sell items, because resources are limited.

• desires for things that can be obtained without spending limited money

• a condition resulting from the gap between unlimited wants for goods and services and limited resources.

• the quantity of goods and services and the lack of monetary means to purchase or secure them.

A desire for something that may or may not be required.

• Need

• Want

• Desire

• Economic security

Anyone who uses goods and services is. . .

• purchaser

• producer

• consumer

• economic player