Economic Vocabulary Test Unit 1

Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs.

• Goods
• Consumer
• Division of Labor
• Physical Capital
• Marginal Cost

Extra cost of producing one additional unit of production.

• Marginal Cost
• Consumer
• Division of Labor
• Physical Capital
• Monopoly

Market structure characterized by a single producer; form of imperfect competition.

• Monopoly
• Consumer
• Division of Labor
• Physical Capital
• Marginal Cost

Tangible, man-made objects that a company buys or invests in and uses to produce goods.

• Physical Capital
• Consumer
• Division of Labor
• Marginal Cost
• Monopoly

One that buys goods or services for consumption and not for resale or commercial purpose.

• Consumer
• Division of Labor
• Physical Capital
• Marginal Cost
• Monopoly

Division of work into a number of separate tasks to be performed by different workers; same as specialization.

• Division of Labor
• Consumer
• Physical Capital
• Marginal Cost
• Monopoly

Relaxation or removal of government regulations on business activities.

• Deregulation
• Capitalist
• Supply
• Opportunity Cost
• Production Possibility Curve

Tools, equipment, and factories used in the production of goods and services; one of the four factors of production.

• Capital
• Capitalist
• Supply
• Opportunity Cost
• Production Possibility Curve

Diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed.

• Production Possibility Curve
• Capitalist
• Supply
• Opportunity Cost
• Deregulation

The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

• Opportunity Cost
• Capitalist
• Supply
• Production Possibility Curve
• Deregulation