Economics Quiz 1 Review

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

how much of a good or service consumers want

• demand

• spending

• producer

• scarcity

The amount available

• supply

• demand

• import

• natural resource

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource

goods made to use in the production of other goods

• capital resouces

• demand

• taxes

• export

not having enough

• scarcity

• supply

• human resouce

• taxes

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

What is the definition of economics?

• The study of human behavior and attitudes
• The study of past events and the impact they have had on people
• The study of political and social interactions
• The study of the production and distribution of goods and services