Economics VocabularyTopic 1-Decisions, Decisions

1. What term describes a person who uses goods and services?

• • Producer

• • Consumer

• • Entrepreneur

• • Supplier

1. What is the economic challenge of having limited resources to meet unlimited wants?

• • .

  • Scarcity

• • Expenses

• • Demand

• • Opportunity Cost

1. What term describes non-essential items that enhance quality of life?

• • Necessities

• • Wants

• • Needs

• • Essentials

1. What term is used for the next best alternative foregone when making a decision?

• • Trade-off

• • Investment

• • Opportunity Cost

• • Choice

1. What are activities provided by a business to satisfy consumer needs?

 

• • Goods

• • Products

• • Services

• • Commodities

1. What is defined as a medium of exchange in the form of coins and banknotes?

• • Currency

• • A. Barter

• • Money

• • Assets

1. What field of study examines how people use resources to satisfy their needs and wants?

• • Biology

• • Economics

• • Anthropology

• • Sociology

1. What does a person or organization that creates and supplies goods or services known as?

• • Consumer

• • Producer

• • Manufacturer

• • Distributor

1. Which term describes essentials required for survival, such as food, water, and shelter?

• • Desires

• • Needs

• • Luxuries

• • Wants

1. What term refers to the costs incurred in the process of producing goods or services?

• Profit

• • Expenses

• • Income

• • Money