Economics Vocabulary Quiz #1

Not having enough of something

• Scarcity

• Limited Resources

• Unlimited wants

• Human resources

Only having a certain amount of resources

• human resources

• unlimited wants

• scarcity

• limited resources

There is no end to how many things people want and need.

• human resources

• limited resources

• unlimited wants

• scarcity

People and the skills and knowledge people bring to their work

• capital resources

• limited resources

• natural resources

• human resources

Materials from nature, such as trees, or water that people use

• capital resources

• natural resources

• human resources

• limited resources

Things that are used to produce goods and services

• capital resources

• limited resources

• natural resources

• limited resources

The thing you give up when you choose something else

• competition

• supply

• demand

• opportunity cost

The study of the production, distribution, and consumption of goods and services

• economics

• supply

• demand

• profit

The amount of a product or service that is available for consumers to buy

• supply

• competition

• profit

• demand

When businesses sell the same good or service

• economics

• profit

• demand

• competition