EPF Essential Vocab

Which term refers to the study of how people use resources to satisfy their needs and wants?

• Economics

• Personal finance

• Scarcity

• Monopoly

What is the term for the financial management of an individual's or family's resources?

• Economics

• Personal finance

• Capital

• Profit

Which term describes the basic requirements for human survival?

• Wants

• Goods

• Needs

• Services

What is the term for items that are produced and can be physically touched?

• Services

• Goods

• Labor

• Capital

Which term refers to the act of providing a service to meet a need or want?

• Goods

• Services

• Labor

• Supply

What is the term for the limited nature of society's resources?

• Surplus

• Shortage

• Scarcity

• Demand

Which term refers to the excess of supply over demand?

• Shortage

• Scarcity

• Surplus

• Opportunity cost

What is the term for the resources that come from nature and are used to produce goods and services?

• Capital

• Labor

• Natural resources

• Entrepreneur

Which term describes the person who starts a business and is willing to risk loss in order to make money?

• Producer

• Consumer

• Entrepreneur

• Labor

What is the term for the financial gain made in a transaction?

• Profit

• Capital

• Opportunity cost

• Recession