Econ Alive! Chapter 2 Vocabulary

Econ Alive! Chapter 2 Vocabulary

9th - 12th Grade

27 Qs

quiz-placeholder

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Econ Alive! Chapter 2 Vocabulary

Econ Alive! Chapter 2 Vocabulary

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Scott Johnson

Used 13+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the tools, equipment, machinery, and factories used in the production of goods and services

utility

production equation

economic efficiency

Capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the manmade objects—tools, machinery, buildings, or other fabricated goods—used in production; also called physical capital

capital goods

human capital

production equation

input

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a relationship between two factors, pieces of data, or other variables

Correlation

financial capital

negative utility

shortage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the result of using resources in a way that produces the maximum amount of goods and services

economic efficiency

financial capital

negative utility

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a person who assembles and organizes the resources necessary to produce goods and services

production possibilities curve/frontier

entrepreneur

law of diminishing marginal utility

entrepreneurship

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the resources used to produce goods and services. Economists define these resources as land, labor, and capital

factors of production

land

renewable resource

production possibilities curve/frontier

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the willingness and ability to take the risks involved in starting and managing a business

shortage

entrepreneurship

financial capital

land

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