Economics Vocabulary MS

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

The buildings, machines, and tools that companies use to make products

• capital resources

• human resources

• natural resources

• entrepreneurs

How much people want something

• supply
• demand

How much of something is available

• supply
• demand

a good made in another country and brought into the United States

• import

• export

• supply