Economics Vocabulary and Definitions

Economics is the study of how to meet unlimited, competing wants with ______ resources.

• limited

• unlimited

• expensive

• renewable

What is the definition of 'Want'?

• The study of how to meet unlimited, competing wants with limited resources

• A desire, craving, wish or longing for something desirable that is lacking

• The process of producing goods and services

• The act of saving money

Why can't you have everything you want according to the concept of economic votes?

• Because consumers and producers have limited resources (money).

• Because the government restricts all purchases.

• Because people do not want more goods and services.

• Because technology is unlimited.

How can consumers communicate their wants to producers?

• buying goods and services

• producing goods themselves

• setting government policies

• ignoring advertisements

Joey uses a pen to take notes in class. Is this an example of Consumer Goods/Services or Industrial Goods/Services?

• Consumer Goods/Services

• Industrial Goods/Services

• Raw Materials

• Capital Goods

Jane owns a nail salon. She buys nail polish to paint her customers’ nails. Is this an example of Consumer Goods/Services or Industrial Goods/Services?

• Industrial Goods/Services

• Consumer Goods/Services

• Personal Services

• Retail Goods

What is the technical term economists use for resources?

• Factors of Production

• Utility Maximizers

• Market Equilibria

• Price Elasticities

What are natural resources?

• Man-made objects

• Everything contained in the earth or found in the sea

• Only animals

• Only plants

What is a human resource?

• A type of machine

• People who work

• A natural resource

• A financial asset

What is capital in the context of business resources?

• The money needed to start and operate a business

• The people who work in a business

• The land used for farming

• The products sold by a business