Economics Fundamentals Vocabulary Quiz

A person who starts up and takes on the risk of a business

• Entrepreneur
• Scarcity

• Natural Resource

• Voluntary Exchange

Raw materials from nature that are used to produce goods

• Entrepreneur

• Scarcity

• Wants

• Natural resources

Desires that can be satisfied by consuming a good or service

• Wants
• Entrepreneur

• Scarcity

• Voluntary Exchange

The principle that people may decide what, when, and how they want to buy and sell

• Voluntary Exchange

• Wants

• Scarcity

• Natural Resources

The limited nature of society's resources

• Scarcity
• Wants

• Entrepreneur

• Natural Resources

A penalty that discourages a behavior

• Traditional Economy

• Marginal Benefits

• Negative Incentive

• Positive Incentive

The methods societies use to produce and distribute resources.

• Opportunity Cost

• Marginal Cost

• Economic Systems

• Physical Capital

The value of a particular product compared to the amount of labor needed to make it.

• Productivity

• Production Possibility Frontier

• Specialization

• Marginal Cost

The study of scarcity and choice

• Economics

• Scarcity

• Economic Systems

• Productivity

An economic system in which the government controls a country's economy.

• Mixed Economy

• Traditional Economy

• Command Economy

• Free Market Economy