Introduction to Economics Quizs

products are then bought, sold, and traded

• Distributed

• Manufactured

• Advertised

• Consumed

the study of how people choose to use limited resources to meet their needs and wants

• Economics

• Psychology

• Sociology

• Anthropology

the public that buys goods and services

• Producers

• Consumers

• Retailers

• Wholesalers

people who do the work to make goods or services

• Human resource

• Natural resource

• Financial resource

• Technological resource

things humans must have to survive such as food, water and shelter

• Wants

• Desires

• Needs

• Luxuries

Things found in nature and are not manmade

• Natural resource

• Artificial resource

• Synthetic material

• Manufactured good

an extra supply, or more than needed

• Surplus

• Deficit

• Scarcity

• Shortage

things that help us enjoy life

• Needs

• Wants

• Obligations

• Responsibilities

able to be used up completely

• Renewable

• Nonrenewable

• Sustainable

• Infinite

lack of resources or not enough supply

• Abundance

• Scarcity

• Surplus

• Excess