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Economics Vocabulary Terms #1

Total questions: 20

Worksheet time: 20mins

Name
Class
Date
1.

This is not having enough.

a)

Natural Resources

b)

Specialization

c)

Scarcity

d)

Demand

2.

An organized way a society uses to produce, distribute and consume goods and services.

a)

Capital Resources

b)

Natural Resources

c)

Human Resources

d)

Economic System

3.

Any physical environmental item that people perceive to be useful in the production of a good or service.

a)

Capital Resources

b)

Natural Resources

c)

Human Resources

4.

Equipment or good that are used to produce other goods and services.

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

5.

Workers and their skills used to produce a good or service.

a)

Human Resources

b)

Natural Resources

c)

Capital Resources

6.

The rate at which goods or services are produced.

a)

Competition

b)

Demand

c)

Supply

d)

Productivity

7.

The act or process of trying to get or win something that someone else is also trying to get or win.

a)

Competition

b)

Supply

c)

Demand

d)

Productivity

8.

The act or process of exchanging goods or services one has for the goods or services one wants.

a)

Productivity

b)

Import

c)

Trade

d)

Export

9.

The amount of a product or service that is available for consumers to buy.

a)

Supply

b)

Demand

c)

Productivity

d)

Resources

10.

Consumers' willingness and ability to purchase a product or service.

a)

Supply

b)

Demand

c)

Export

d)

Import

11.

The money or value that is gained after you subtract the costs involved.

a)

Trade

b)

Scarcity

c)

Specialization

d)

Profit

12.

A product that people in one country sell to people in another county .

a)

Trade

b)

Export

c)

Import

d)

Supply

13.

A product that people in one country buy from people in another country.

a)

Trade

b)

Import

c)

Export

d)

Competition

14.

When individuals, regions and countries produce certain kinds of good and services.

a)

Profit

b)

Specialization

c)

Trade

d)

Supply

15.

This picture is an example of....

a)

Trade

b)

Competition

c)

Profit

d)

Supply

16.

This is an example of...

a)

Specialization

b)

Supply

c)

Competition

d)

Import

17.

This is an example of...

a)

Productivity

b)

Competition

c)

Natural Resources

d)

Exports

18.

This is an example of...

a)

Economic System

b)

Natural Resources

c)

Human Resources

d)

Capital Resources

19.

Mrs. Kolehouse played what sports in high school?

a)

Lacrosse and Track

b)

Softball and Cross Country

c)

Volleyball and Basketball

d)

Swimming and Softballl

20.

What will Mrs. Kolehouse be doing in July?

a)

Traveling to Florida to visit family

b)

Taking my kids to camps and swim lessons

c)

Teaching summer school

d)

Camping at a campground for the whole month