Economics Unit 1 Vocabulary Quiz

What is defined as something essential for survival?

• Want

• Goods

• Services

• Need

Which term refers to something that people desire but that is not necessary for survival?

• Need

• Goods

• Want

• Services

What are the physical objects that someone produces known as?

• Services

• Need

• Goods

• Scarcity

Which term refers to the actions or activities that one person performs for another?

• Goods

• Want

• Need

• Services

What principle states that limited amounts of goods and services are available to meet unlimited wants?

• Scarcity

• Economics

• Need

• Want

What is the study of how people seek to satisfy their needs and wants by making choices called?

• Economics

• Goods

In which situation do consumers want more of a good or service than producers are willing to make available at a particular price?

• Shortage

• Scarcity

• Need

• Want

Who is defined as a person who decides how to combine resources to create goods and services?

• Entrepreneur

• Factors of Production

• Need

• Want

What are the resources that are used to make goods and services called?

• Factors of Production

• Goods

• Services

• Want

Which term refers to all natural resources used to produce goods and services?

• Land

• Labor

• Capital

• Want