SOL 11a Economics Vocab Quiz

Match the following terms with their definitions.

• Individuals or organizations that create goods or services.

• Entrepreneurs

• Individuals who start and run businesses.

• Producers

• The personnel of a business or organization, especially when regarded as a significant asset.

• Consumers

• Individuals who purchase goods and services for personal use.

• Human Resources

Who are the people or companies that make, grow, or supply goods for sale?

• Consumers

• Natural Resources

• Producers

• Capital Resources

What are materials that exist naturally and can be used for economic gain?

• Human Resources

• Capital Resources

• Natural Resources

• Profit Motive

What term describes people who make up the workforce to produce goods and services?

• Human Resources

• Capital Resources

• Entrepreneurs

• Consumers

What are land, buildings, and equipment used to produce goods and services called?

• Natural Resources

• Capital Resources

• Human Resources

• Profit

Who are the people that take the risk of production to earn a profit?

• Consumers

• Entrepreneurs

• Producers

• Human Resources

Match the following economic terms with their definitions.

• The loss of potential gain from other alternatives when one alternative is chosen.

• Profit

• The limited nature of society's resources.

• Scarcity

• The difference between the amount earned and the amount spent in buying, operating, or producing something.

• Profit Motive

• The drive to pursue financial gain as a reason for economic activity.

• Opportunity Cost

What is the incentive or desire to work or form a business to gain profit or make financial gains?

• Scarcity

• Profit Motive

• Opportunity Cost

• Entrepreneurship

What term describes when there is not enough of something for the people who need or want it?

• Profit

• Scarcity

• Natural Resources

• Capital Resources

The value of the next best thing you give up whenever you make a decision is called (a)  

• Profit
• Scarcity
• Opportunity Cost
• Profit Motive