Economics Vocabulary

Which term is and economic term for MAKING goods and services?

• Production

• Consumption

• Assertion

• Completion

Which economics term describes the physical things that are bought and sold in the economy?

• Production

• Goods

• Services

• Consumption

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

• Shortage

• Consumption

• Production

• Scarcity

Which economics term describes the actions that people perform for us that are bought and sold?

• Goods

• Production

• Services

• Consumption

Which of the following is the best example of a NEED?

• a solid gold guitar

• a glass of juice

• a video game console

• a basketball

Which of the following is the best example of a WANT?

• A plate of spaghetti

• A t-shirt

• An apartment

• A haircut

Which economic term describes people buying and using goods and services?

• Production

• Consumption

• Collating

• Consolidating

Which of the following BEST describes the subject of economics?

• The way people use money to navigate their way in the world.

• The study of people's employment in difficult and excellent times.

• The study of government actions when faced with political elections.

• The study of the choices people make when faced with limited resources.

What difference was important in the way that pharmacies were allowed to stay open in April 2020 while nail salons were not?

• The difference between production and consumption

• The difference between goods and services

• The difference between needs and wants

• The difference between scarcity and economics

Which of the following topics are studied in economics?

• People's jobs and their pay

• Government decisions such as taxes

• Business decisions such as prices charged

• People's choices when making purchases

• ALL OF THE ABOVE (HINT IT IS THIS ONE!!!)