Quiz on Economics Vocabulary

The resources used to produce goods and services are known as:

• Scarcity

• Opportunity Cost

• Productive resources

• Natural Resources

What are things that people must have in order to survive?

• Goods

• Services

• Needs

• Wants

An economic system in which decisions are based on customs, beliefs, and ways of doing things that are passed down from generation to generation is known as a:

• Mixed economy

• Command economy

• Market-based economy

• Tradition-Oriented Economy

Which term refers to intangible activities that people buy and use?

• Goods

• Services

• Needs

• Wants

An economic system that combines elements of traditional, market, and command economies is known as a:

• Capital/Capital Resources

• Human Resources

• Mixed economy

• Command economy

The people who work to produce goods and services are referred to as:

• Capital/Capital Resources

• Human Resources

• Mixed economy

• Command economy

The tools, machines, and buildings used to produce goods and services are known as:

• Capital/Capital Resources

• Human Resources

• Mixed economy

• Command economy

Desires that can be satisfied by consuming a good, service, or leisure activity are known as:

• Goods

• Services

• Needs

• Wants

What is the term for tangible items that people buy and use?

• Goods

• Services

• Needs

• Wants

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources is known as:

• Scarcity

• Opportunity Cost

• Productive resources

• Natural Resources