Economics MI K-12 SS Econ 1.1 Vocab Quiz

The idea that resources to meet human wants and needs is limited.

• scarcity

• market

• allocate

• opportunity cost

• incentive

A place where producers and consumers meet to exchange goods and services.

• scarcity

• market

• allocate

• opportunity cost

• incentive

to distribute something for a purpose

• scarcity

• market

• allocate

• opportunity cost

• incentive

When choosing between two options, this is the value of the thing you DID NOT choose.

• scarcity

• market

• allocate

• opportunity cost

• incentive

Something that motivates you to do something.

• scarcity

• market

• allocate

• opportunity cost

• incentive

One or more people living together, combining resources to make shared economic decisions.

• household

• business

• entrepreneur

• potential risk

• potential reward

An organization that produces and sells goods or services while trying to earn profits.

• household

• business

• entrepreneur

• potential risk

• potential reward

A person who organizes a new business and assumes the risks and rewards.

• household

• business

• entrepreneur

• potential risk

• potential reward

A possible, negative future outcome.

• household

• business

• entrepreneur

• potential risk

• potential rewards

A possible, positive future outcome.

• household

• business

• entrepreneur

• potential risk

• potential reward