Economic Terms

What is the term for something that happens as a result of an action, event, or circumstance?

• Economic activity

• Interdependence

• Consequence

• Trade

What is the use of resources to buy, sell, produce, or consume goods and services called?

• Productivity

• Economic activity

• Specialization

• Standard of living

What is it called when people depend on each other for goods and services they need?

• Interdependence

• Opportunity cost

• Scarcity

• Voluntary exchange

What is the value of what you have to give up in order to choose something else?

• Productive resource

• Opportunity cost

• Standard of living

• Trade

What is a resource used to produce a good or service called?

• Productivity

• Specialization

• Productive resource

• Voluntary exchange

How efficiently something can be made; the rate of output per unit of input is known as what?

• Scarcity

• Productivity

• Trade

• Economic activity

What is the lack of resources to provide everything that is needed or wanted called?

• Specialization

• Interdependence

• Scarcity

• Standard of living

What is focusing on efficiently producing a limited number of goods and services called?

• Specialization

• Trade

• Productivity

• Voluntary exchange

What is the measure of a nation's quality of life based on income, education, life expectancy, and other factors?

• Economic activity

• Standard of living

• Opportunity cost

• Interdependence

What is the buying and selling of goods and services called?

• Trade

• Scarcity

• Productivity

• Specialization