ECON Ch.1 VOCAB QUIZ

TRADE OFFS

• goods you trade for other goods

• the items you use your resources on

• the items you choose NOT to use your resources on

HUMAN RESOURCES

• the usage of people by a business (labor)

• the selling of items to humans

• the things you choose to spend resources on

ENTREPRENEURSHIP

• people who work for a company

• people who risk their lives at their job

• starting a business, taking financial risks to make profit

SCARCITY

• plenty

• limited, rare

• enough to go around

EFFICIENCY

• more productivity with less waste

• less productivity with more waste

• more productivity with more waste

• less productivity with less waste

OPPORTUNITY COST

• what you spend your resources on

• everything you choose not to spend your resources on

• your second best option

CAPITAL RESOURCES

• the idea to build the company

• the machinery & technology to build the product

• the labor to build the product

INTERDEPENDENCY

• groups relying on each other to produce what the other can't

• groups providing their own goods without outside help

• groups taking over their competition to get control of needed resources

UTILITY

• how much usefulness or joy comes from something

• how much something costs

• how much time is needed to complete something

• how tired will you get if you do something

NATURAL RESOURCES

• workers who build a product

• equipment and technology used to build a product

• money used to keep the business functioning (investors, loans, revenue)

• anything that comes from the Earth that is used to make a product