Economics Vocabulary Quiz

Resources found in nature that are needed to make a product.

• Natural Resources

• Capital Resources

• Human Resources

• Budget

Examples of these are coal, air, and water.

• Natural Resources

• Capital Resources

• Human Resources

• Incentive

What is given up because you choose to do/buy something else

• Opportunity cost

• Specialization

• Taxes

• Economics

Talents, training, and skills of people which are used in producing goods and services.

• Labor

• Human Resources

• Producer

• Specialization

An exchange of property without the use of money.

• Trade

• Voluntary Exchange

• Opportunity Cost

• Economics

Choosing to trade property because it benefits you.

• Voluntary Exchange

• Trade

• Economics

• Budget

Resources such as tools and equipment that must be bought to help produce goods.

• Capital Resources

• Human Resources

• Natural Resources

• Labor

How quickly and efficiently goods are created.

• Productivity

• Labor

• Consumer

• Scarcity

A benefit given to get someone to take a certain action.

• Incentive

• Trade

• Specialization

• Budget

When there is not a lot of product.

• Scarcity

• Incentive

• Natural Resources

• Interdependence