What Is Economics? Vocabulary Quiz

Match the definition with its word:

products or services that satisfy human wants and needs

• goods

• services

• wants

• needs

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an intangible act or benefit that a customer pays for

• goods

• services

• wants

• needs

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a desire for a good, service, or activity that can be satisfied

• goods

• services

• wants

• needs

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things that are essential for survival, like food, water, and shelter

• goods

• services

• wants

• needs

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the resources used to produce goods and services, which are typically categorized as land, labor, capital, and entrepreneurship

• factors of production

• resources

• circular flow model

• natural resources

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the factors of production that create goods and services

• factors of production

• resources

• land

• natural resources

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industrial materials and capacities (such as mineral deposits and waterpower) supplied by nature

• resources

• factors of production

• natural resources

• land

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the physical and mental work people do to produce goods and services

• land

• capital

• resources

• labor

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the resources used to produce goods and services, and create value

• capital

• land

• labor

• entrepreneurs

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one who organizes, manages, and assumes the risks of a business or enterprise

• capital

• entrepreneurs

• land

• labor