Ch.6 Vocabulary Quiz

Please spell the vocabulary word that best fits the following definition: 

Having little to no resources to meet needs and wants

Please choose the correct definition for the following vocabulary word:

Scarcity

• How much a good or service is produced or how much is available

• Having little to no resources to meet needs and wants

• A person who organizes and manages a business

Please spell the vocabulary word that best fits the following definition: 

A worker’s experience, knowledge, and skills that improve their economic activity 

Please choose the correct definition for the following vocabulary word:

HUMAN CAPITAL

• A worker’s experience, knowledge, and skills that improve their economic activity 

• A person or business that uses resources to make goods and services 

• A person who organizes and manages a business 

Please spell the vocabulary word that best fits the following definition: 

The machines and equipment used to improve economic activity 

Please choose the correct definition for the following vocabulary word:

CAPITAL GOODS

• A person or business that uses resources to make goods and services 

• The act of introducing new ideas or methods to a product

• The machines and equipment used to improve economic activity

Please spell the vocabulary word that best fits the following definition: 

The act of introducing new ideas or methods to a product

Please choose the correct definition for the following vocabulary word:

INNOVATION

• The way people make and spend money in a specific country 

• The act of introducing new ideas or methods to a product

• Someone who buys or uses goods and services

Please spell the vocabulary word that best fits the following definition: 

A person who organizes and manages a business 

Please choose the correct definition for the following vocabulary word:

ENTREPRENEUR

• Having little to no resources to meet needs and wants

• Someone who buys or uses goods and services

• A person who organizes and manages a business