Business Essentials Vocab Practice (2.03)

Match the following

• The economic process or activity of producing goods and services

• Producers

• Any item that is used to accomplish another activity, such as producing/providing goods and services

• Subsistence

• All the resources required in the production of goods and services

• Production

• Existence at a level that barely supports life

• Resource

• The people who make or provide goods and services

• Means of Production

______________ are manufactured or constructed items that are used to produce goods and services.

• Capital Goods

• Consumer Goods

• Industrial Goods

• Economic Resources

______________ are tangible items produced for personal use.

• Capital Goods

• Consumer Goods

• Industrial Goods

• Economic Resources

__________________ are tangible items that will be consumed by industrial users.

• Capital Goods

• Consumer Goods

• Industrial Goods

• Economic Resources

____________ are the human and natural resources and capital goods used to produce goods and services; also known as factors of production.

• Capital Goods

• Consumer Goods

• Industrial Goods

• Economic Resources

Reorder the following by defining "Quotas".

• met

• be

• specific

• goals

• to

Scarcity is a condition resulting from the ​ (a)   between limited ​ (b)   and unlimited ​ (c)   for goods and ​ (d)   .

• gap
• resources
• wants
• services

Human Services Programs are benefits such as free medical care, (a)   , and financial assistance that are provided by a government to its citizens.

A _____________ is an economic system in which all or many of the means of production and distribution are owned and controlled by the government.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

_____________ is an economic system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy