Economics Vocabulary Quiz

What is the study of how people use resources to satisfy their needs and wants?

• Scarcity

• Economics

• Capital

• Income

What term describes the limited nature of society's resources?

• Resources

• Capital

• Scarcity

• Income

What defines something used to produce goods and services?

• Resources

• Opportunity Cost

• Income

• Delayed Gratification

What is the term for financial assets or the financial value of assets, such as cash?

• Human Capital

• Capital

• Income

• Scarcity

What is the cost of the next best alternative when a decision is made?

• Cost/Benefit Analysis

• Opportunity Cost

• Unintended Consequences

• Delayed Gratification

What is the process of comparing the costs and benefits of a decision?

• Cost/Benefit Analysis

• Scarcity

• Human Capital

• Income