(ECO) Ch.1 Vocabulary pt.2

What is the social science that studies how individuals, businesses, and governments allocate resources to satisfy their wants and needs?

• Economic growth

• Consumerism

• Cost-benefit analysis

• Economics

Which term refers to products that are purchased for personal satisfaction and enjoyment?

• Economic interdependence

• Consumer good

• Capital

• Standard of living

What is the measure of the overall economic health of a country, indicating the standard of living of its citizens?

• Human capital

• Economic growth

• Standard of living

• Economic model

Which term represents the accumulated knowledge, skills, and expertise of individuals in a society?

• Economic model

• Human capital

• Intangible

• Capital

In economics, what is the study of the relationship between costs and benefits of a decision or action?

• Consumerism

• Economic interdependence

• Cost-benefit analysis

• Economic model

Which concept refers to the interconnectedness and mutual reliance of economies on each other?

• Capital

• Economic growth

• Economic interdependence

• Standard of living

What is the term for the overall level of comfort and well-being of individuals and societies?

• Standard of living

• Economic model

• Consumer good

• Intangible

Which term describes the promotion of the interests of consumers through organized efforts and actions?

• Cost-benefit analysis

• Economic growth

• Consumerism

• Economic model

What are resources such as machinery, tools, and buildings that are used to produce goods and services called?

• Consumer good

• Capital

• Human capital

• Economic interdependence

What term describes something that cannot be touched or physically measured?

• Standard of living

• Economic growth

• Intangible

• Consumer good