Chapter 20 Vocab Quiz

1. Choose the correct definition of capital goods.

• the money used to produce goods and services
• the people used to make goods or services
• the items from nature used to make goods and services
• the factories, machines, technology, tools, equipment, and any other man-made goods used to make other goods or services

2. Read the definition. Then choose the vocabulary term defined. how much of a good or service is produced or is available at a certain price

• demand
• supply
• scarcity
• surplus

3. Read the definition. Then choose the vocabulary term defined. a situation where multiple people or organizations try to outperform each other

• competition
• flexibility
• agreement
• risk

4. Read the definition. Then choose the vocabulary term defined. a resource used to produce a good or service

• factor of consumption
• productive resource
• risk
• profit

5. Choose the correct definition of demand.

• where a consumer wants to make a good or service
• how much of a good or service consumers want and are able to buy at a certain price
• how much of a good or service a consumer wants to make
• where a consumer wants to buy a good or service

6. Choose the correct definition of price.

• the amount of money in a bank account
• the amount of money received for work
• the amount of money saved for emergencies
• the amount of money required as payment for a good or service

7. Choose the correct word or phrase to complete the dictionary entry.

• resource
• business
• demand
• supply

8. Choose the correct definition of output.

• the resources used to produce something
• the amount of something consumed
• the resources used to consume something
• the amount of something produced

9. Choose the correct definition of human resource.

• an employer or employee who helps produce goods and services
• a employer or employee in charge of managing others
• a person who finds resources for companies
• a person who uses goods and services

Read the definition. Then choose the vocabulary term defined. a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want

• industry
• chemical
• human modification
• natural resource