Unit 1 EL Econ Vocab Quiz

something essential for survival

• Need

• Smartphone
• Want

• Chocolate

something that we desire but that is not necessary for survival

• requirement
• want

• need

• luxury

physical objects that someone produces

• goods
• items
• commodities
• products

actions or activities that one person performs for another

• items
• goods
• services
• products

there are limited amounts of goods and services available to meet unlimited wants

• Abundance
• Excess
• Plenty
• Scarcity

the study of how people seek to satisfy their needs and wants by making choices

• Biology
• Psychology
• Sociology
• Economics

occurs when consumers want more of a good or service than producers are willing to make available at a particular price

• Overproduction
• Scarcity

• Surplus
• Shortage

people who decide how to combine resources to create new goods and services

• laborers
• entrepreneurs
• managers
• inventors

the resources used to make all goods and services

• Factors of production
• Means of production
• Manufacturing resources
• Production factors

Which of the following is not a factor of production?

• Technology
• Money
• Labor
• Entrepreneurship