Unit 7 Vocabulary Review

What is the definition of production?

• Transforming raw materials, land, labor, or ideas into usable goods and services

• Storing finished goods in a warehouse

• Selling products to consumers

• Transporting goods from one place to another

What is the definition of resources?

• Factors used in the production of goods and services

• Storing finished goods in a warehouse

• Selling products to consumers

• Transporting goods from one place to another

What is a natural resource?

• A resource created by humans

• A resource provided by nature without any human involvement

• A resource that requires human processing

• A resource that is man-made

What is the definition of "Human Resource"?

• The people employed in the business of making or providing a good or service

• The materials used to produce goods

• The financial assets of a company

• The technology used in production

What is the definition of "Capital"?

• Wealth in the form of money or property used as a resource in the production of goods and services

• A type of government system

• A large city or town

• A form of artistic expression

What is the definition of entrepreneurship?

• Creating a new business by taking a risk in hopes of a financial reward

• Managing an existing business without any risk

• Investing in stocks for quick profits

• Saving money in a bank account

What is the definition of scarcity?

• The ability to satisfy all wants with unlimited resources

• The inability to satisfy all wants at the same time due to limited resources

• The ability to satisfy some wants with limited resources

• The inability to satisfy any wants due to unlimited resources

What is the definition of "Choice"?

• Selecting an item or action from a set of possible options

• Ignoring all available options

• Randomly picking without considering options

• Selecting only the first option available

What is the definition of "Opportunity Cost"?

• The amount of money spent on a purchase.

• The time taken to make a decision.

• Something that is given up when a choice is made (your second-best choice).

• The benefit gained from a decision.

What is the definition of consumption?

• Using goods and services based on preferences and prices

• Producing goods and services for sale

• Saving money for future use

• Distributing goods to retailers