Week 2 G8 Social Studies: Key Economic Words and Concepts

What is 'studying how we get the things that we want and need with the resources that we have' called?

• Economics
• Politics
• History

True or false? Economics is 'studying how a society uses its resources to get the things it wants and needs'.

• false
• true

What are 'the things that we don't need to survive' called?

• Wants
• Needs
• Economics

What are 'the things that we need to survive' called?

• Needs
• Wants
• Economics

People who buy things' are called what?

• Consumers
• Survivers
• Economists

The 'things that humans want to buy' are called what?

• Services
• Needs
• Goods
• Wants

What is 'something that you use' called?

• Goods
• Services
• Wants
• Needs

What are the 'things that a country (or business) has to make money' called?

• Resources
• Labour
• Land

What is it called when 'resources are limited and everyone cannot have everything that they want'?

• Needs
• Scarcity
• Wants

True or false? Labour is 'the effort made to produce goods and services'.

• true
• false