Economics Vocabulary Quiz

The study of how study of how things are bought and sold.

• Economics

• Scarcity

• Resource

• Factors of Production

Work done for other people.

• Services

• Goods

• Producer

• Consumer

Things that are produced or manufactured, which means man-made.

• Goods

• Services

• Resources

• Producer

A person who purchases goods and services for personal use.

• Consumer

• Producer

• Scarcity

• Resource

A person, company, or country that makes, grows, or supplies goods or commodities for sale.

• Producer

• Consumer

• Scarcity

• Resource

The limited nature of society's resources to meet unlimited wants.

• Scarcity

• Resource

• Economics

• Natural Resources

Anything that can be used to produce something else.

• Resource

• Producer

• Factors of Production

• Labor

The resources that are used to make goods and services.

• Factors of Production

• Scarcity

• Natural Resources

• Labor

Materials found naturally on earth that are not man made.

• Natural Resources

• Goods

• Services

• Labor

When people perform work to produce a good or service.

• Labor

• Scarcity

• Capital

• Producer