Economics Basics Vocabulary

The study of how individuals, businesses, governments, and societies choose to allocate scarce resources to satisfy their unlimited wants and needs is called ________.

• Economics

• Biology

• Sociology

• Geography

The part of economics concerned with single factors and the effects of individual decisions is called ________.

• Microeconomics

• Macroeconomics

• Sociology

• Geography

The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity, is called ________.

• Macroeconomics

• Microeconomics

• Behavioral Economics

• Managerial Economics

Something that people desire to have, that they may, or may not, be able to obtain is called a(n) ________.

• Wants

• Needs

• Resources

• Goods

Things that are essential for human survival are called ________.

• Needs

• Wants

• Luxuries

• Desires

The fundamental problem of having seemingly unlimited human wants and needs in a world of limited resources is called ________.

• Scarcity

• Abundance

• Inflation

• Productivity

The value of the next-best alternative that is forgone when a decision is made is called ________ cost.

• Opportunity

• Fixed

• Sunk

• Marginal

The resources used to produce goods and services; categorized into four main groups: Land, Labor, Capital, and Entrepreneurship, are called ________ of Production.

• Factors

• Products

• Markets

• Utilities

Materials and components found in nature that can be used in various economic activities to produce goods and services are called ________ Resources.

• Natural

• Synthetic

• Artificial

• Man-made

All natural resources used to produce goods and services are called ________.

• Land

• Capital

• Labor

• Entrepreneurship