WorksheetsEconomic Fundamental Vocabulary
Total questions: 24
Worksheet time: 12mins
Name
Class
Date
1.
Goods and services that people would like to obtain
a)
Want
b)
Need
c)
Choice
d)
Incentive
2.
Items that people must have to live; food, water, shelter, basic clothing
a)
Wants
b)
Needs
c)
Choice
d)
Incentive
3.
Condition that exists because human wants and needs are greater than available resources
a)
Need
b)
Want
c)
Scarcity
d)
Incentive
4.
Positive and negative rewards that encourage economic behavior such as making purchases or working to increase productivity
a)
Need
b)
Want
c)
Choice
d)
Incentive
5.
Items available to produce goods and services to satisfy human wants and needs.
a)
Wants
b)
Needs
c)
Resources
d)
Incentives
6.
The item or value that is lost when someone makes an economic decision; the next best alternative; the item that is not chosen
a)
Resources
b)
Incentives
c)
Opportunity costs
d)
Trade off
7.
An action of giving up one item or category for another; example, "guns vs butter"
a)
Trade offs
b)
Opportunity cost
c)
resources
d)
want
8.
Land, labor, capital, and entrepreneurship
a)
Factors of Production (Productive Resources)
b)
Trade offs
c)
Financial Capital
d)
Allocation
9.
The earth and all of the resources coming from the land
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
10.
The efforts and abilities of humans used to produce goods and services, mental and physical
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
11.
tools, equipment, and facilities involved in creating goods and services and getting them to the consumers
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
12.
The money from savings and investments that finance businesses
a)
Land
b)
Labor
c)
Capital
d)
Financial Capital
13.
The person or individual who organizes the resources for production and distribution, entrepreneurs take risks
a)
Land
b)
Labor
c)
Capital
d)
Entrepeneur
14.
The way society deals with scarcity; prices, government regulation, rationing
a)
Financial Capital
b)
Allocation
c)
Decision making
d)
Marginal Benefits
15.
choosing between two or more economic options
a)
Allocation
b)
Decision making
c)
Marginal benefits
d)
Financial capital
16.
What consumers and producers evaluate in making economic decisions; benefits should be greater than costs
a)
Allocation
b)
Decision making
c)
Marginal Benefits and costs
d)
Marginal Ultility
17.
The satisfaction and usefulness of adding one unit in production or one more item in consumption
a)
Marginal Benefits and cost
b)
Marginal Utility
c)
Decision making
d)
Allocation
18.
Those who obtain and use goods and services produced by others
a)
Consumer
b)
Producer
c)
Decision
d)
Blockhead
19.
An economic good that can be used to satisfy needs and wants
a)
Product (Producer, Production)
b)
Consumer
c)
Decision
d)
Blockhead
20.
Work performed to satisfy needs and wants, example, haircut
a)
Service
b)
Producer
c)
Consumer
d)
Specialization
21.
Individuals do specific tasks in the production of goods and services, ex. Heart specialist.
a)
Specialization
b)
Consumer
c)
Producer
d)
Entrepreneur
22.
Consumers and producers decide which goods and services to exchange and set the prices
a)
Voluntary Exchange
b)
Choices
c)
Opportunity cost
d)
Scarcity
23.
One person or country can produce more than another in a specific time period; measured in terms of inputs and outputs.
a)
Absolute Advantage
b)
Comparative Advantage
c)
Specialization
d)
Opportunity cost
24.
One person or country has a lower opportunity cost in the production of one good or service over another good or service.
a)
Absolute advantage
b)
Comparative Advantage
c)
Specialization
d)
Opportunity cost
100 %
