Econ Vocab 1

What kind of science is economics?

• Social

• Practical

• Actuarial

• Physical

What is economics not concerned with?

• Production

• Consumption

• Distribution

• Introduction

How does the government provide goods and services?

• Coupons

• Vibes

• Tax Money

• Monopoly Money

What term describes the structure and conditions of economic life?

• Ecology

• Economy

• Eldorado

• Ergonomics

Who makes decisions in a market economy?

• People and Animals

• Businesses and Presidents

• Government Officials

• People and Businesses

Trade is the _______ and _________ of goods and services?

• paying and lending

• buying and selling

• selling and burying

• Paying and Buying

What is it called when people and countries make the best goods with the resources they have?

• Special Savings

• Special Sundays

• Specialization

• Specifications

Which is not an example of a good?

• Food

• Cars

• Plumbing

• Clothing

What is not an example of a service?

• Doctors Appointments

• Road Repairs

• Plumbing

• Ice Cream

Opportunity cost is the things you have to _______ to have or do something else?

• Give Up

• Give Away

• Give In

• Give Out