Economics Fundamentals Vocabulary

What is the study of scarcity and choice?

• Economics

• Inputs

• Scarcity

• Specialization

What are the basic requirements for human survival?

• Needs

• Wants

• Outputs

• Opportunity Cost

Desires that can be satisfied by consuming a good or service are called?

• Wants

• Needs

• Scarcity

• Specialization

What is the most desirable alternative given up as the result of a decision?

• Opportunity Cost

• Needs

• Wants

• Economics

What is the additional benefit associated with an action?

• Marginal Benefit

• Wants

• Specialization

• Needs

An economic system in which the government controls a country's economy.

• Command Economy

• Traditional Economy

• Free Market Economy

• Mixed Economy

What methods do societies use to produce and distribute resources?

• Economic Systems

• Factors of Production

• Human Resources

• Voluntary Exchanges

A person who starts up and takes on the risk of a business

• Entrepreneur

• Dictator

• Inventor

• Professor

Land, labor, and capital are the three resources used to make all goods and services.

• The Factors of Production

• Economic System

• Human Resources

• Physical Capital

An economic system in which resources are primarily owned and controlled by the private sector

• Mixed Economy

• Traditional Economy

• Free Market Economy

• Command Economy