Economics Final Exam

Things such as food, clothing, and shelter that are necessary for survival

• wants

• needs

• demand

• supply

Desires that can be satisfied by consuming a good or service

• wants

• needs

• demand

• supply

A situation that exists when there are not enough resources to meet human wants

• shortage

• surplus

• supply

• scarcity

A person who buys goods or services for personal use

• consumer

• producer

• supplier

• retailer

A person who makes goods or provides services

• producer

• consumer

• market

• assembly line

All the resources people make and use to produce and distribute goods and services

• resources

• capital

• revenue

• profit

The combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses

• communism

• capitalism

• entrepreneurship

• government subsidy

A benefit offered to encourage people to act in a certain way

• incentive

• desires

• goods

• tax

The alternative someone gives up when making an economic choice

• decision making

• demand effect

• income effect

• trade-off

numerical data

• statistics

• economics

• graph

• calculus