Basic Economics Vocabulary Quiz

What does the term "Scarcity" refer to in basic economics vocabulary?

• The process of making or manufacturing goods and products from raw materials

• The decision among alternatives or possibilities

• The loss of potential gain from other alternatives when one alternative is chosen

• In the state of being short supplied in (shortage)

What are "Resources" in the context of economics?

• A service or other asset used to produce goods and services that meet human needs and wants

• The decision among alternatives or possibilities

• The loss of potential gain from other alternatives when one alternative is chosen

• In the state of being short supplied in (shortage)

What does "Choice" mean in economic terms?

• The process of making or manufacturing goods and products from raw materials

• A service or other asset used to produce goods and services that meet human needs and wants

• The decision among alternatives or possibilities

• The loss of potential gain from other alternatives when one alternative is chosen

Define "Opportunity Cost."

• The process of making or manufacturing goods and products from raw materials

• A service or other asset used to produce goods and services that meet human needs and wants

• The decision among alternatives or possibilities

• What is given up when a choice is made.

What is the meaning of "Production" in the context of economics?

• The process of making or manufacturing goods and products from raw materials

• The decision among alternatives or possibilities

• The loss of potential gain from other alternatives when one alternative is chosen

• In the state of being short supplied in (shortage)

What does the term "Consumption" refer to in basic economics vocab?

• The production of goods and services

• The use of goods and services by households

• The distribution of goods and services

• The storage of goods and services

What are "Wants" in the context of economics?

• Things that are necessary for survival

• Anything that someone desires or would like to have but does not need for survival.

• The skills and knowledge of employees

• Natural materials and energy

What are considered "Needs" in economic terms?

• Luxury items that people desire

• Human-made resources used in production

• Items required for human survival.

• The process of starting a business

What are "Natural Resources" in economics?

• The financial assets of a company

• The division of a business responsible for hiring

• Materials that occur naturally and are used in economic activities

• The willingness to take on business risks

What does "Human Resources" refer to in a business context?

• The natural environment surrounding a business

• The education and skills of the workforce.

• The money invested in starting a new company

• The physical buildings and machinery used in production