Chapter 2 & 21 Vocabulary Quiz

How efficiently something can be made; the rate of output per unit of input.

• productivity
• standard of living
• voluntary exchange
• budget

A resource used to produce a good or service.

• productive resource
• income
• trade
• scarcity

The measure of a nation’s quality of life based on income, education, life expectancy, and other factors.

• standard of living
• trade
• income
• budget

Something advantageous or positive, especially as a result of a decision.

• cost
• benefit
• income
• productivity

The value of what you have to give up in order to choose something else.

• benefit
• cost
• opportunity cost
• budget

The use of resources to buy, sell, produce, or consume goods and services.

• opportunity cost
• economic activity
• scarcity
• trade

The lack of resources to provide everything that is needed or wanted.

• scarcity
• benefit
• cost
• economic activity

The buying and selling of goods and services.

• trade
• voluntary exchange
• productive resource
• scarcity

Money that is earned from work or investments.

• income
• trade
• budget
• scarcity

Something that is lost or given up in the process of getting something else.

• cost
• benefit
• economic activity
• productivity