Economics Intro Y9

This is the fundamental economic problem of unlimited human wants in a world of limited resources:

• Sparcity

• Scarcity

• Deficiency

• Rarity

The is a benefit of value that must be given up to acquire something else:

• Forgone alternative

• Opportunity cost

• Output forgone

• Economic loss

This refers to the means by which buyers and sellers engage in exchange:

• Market

• Mass Market

• Super Market

• Fair

This is an asset that is used to produce goods and services:

• Resource

• Resort

• Replacement

• Recourse

This refers to cost advantages due to lower unit costs resulting from large-scale production:

• Returns to scale

• Long-run savings

• Opportunity cost

• Economies of scale

A term used to describe the way in which factors of production are distributed among producers:

• Resource management

• Resource allocation

• Project management

• Resource leveling

This is an estimation of itemised revenue and expenditure for a specified period:

• Budget

• Account

• Balance

• Invoice

The action of buying and selling goods is known as:

• Trade-off

• Trade

• Marketing

• Barter

Spending money on capital assets that will be used to produce other goods and services is called:

• Property

• Speculation

• Investment

• Incentive

The increasing social, economic and financial integration of economies worldwide is known as:

• Cosmopolitanism

• Multiculturalism

• Capitalism

• Globalisation