CE11 - Economics Vocabulary

What is the inability to satisfy all wants at the same time, all resources and goods are limited, limited goods and resources require that choices be made?

• resources

• entrepreneur

• choice

• scarcity

What is using goods and services, the fact that consumer preferences and price determine what is purchased or consumed?

• choice

• consumption

• production

• scarcity

What is the selection of an item or action from a set of possible alternatives, individuals must choose and make decisions about desired goods and services because they are limited.

• opportunity cost

• consumption

• choice

• production

What is whatever is given up when a choice is made? Also known as the second-best alternative.

• scarcity

• resources

• opportunity cost

• consumption

What is how wealth is produced, divided up, and consumed in human society?

• goods and services

• supply and demand

• resources

• economics

Money is an example of a

• market

• resource

• scarcity

• choice

What is any situation in which people interact to exchange goods, services, or ideas?

• supply and demand

• market

• resource

• opportunity cost

What is the study of decisions made by individuals, groups, and companies?

• utility

• macroeconomics

• microeconomics

• economist

Who conducts research, monitors economic trends, collects and analyzes data, and studies economic theory?

• economists

• civics teachers

• scientists

• theorists

What deals with the larger sum total decisions made by individuals in a nation or society?

• microeconomics

• utility

• macroeconomics

• resources