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Worksheets3-5 Elementary Economic Terms
Total questions: 14
Worksheet time: 9mins
People focused on producing a few things instead of making everything they want by themselves is called...
Economic Resources
Scarcity
Specialization
The TOOLS and MATERIALS needed to make goods and to provide services are called______________.
natural resources
capital goods
human capital
services
_______________ goods or services are provided by governments in a market economy and are paid for through taxes.
Private
Market
Public
What is currency?
money, usually made from some type of paper-like material
newspapers, usually made with paper
movement of air or water in a definite direction
the value of the next-best alternative when a choice is made
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services
consumption
production
distribution
resources
Economics seeks the answer to the basic question of how to deal with ______.
money
hunger
demand
scarcity
Payment of cash or cash equivalent in exchange for a good or service
expenditure
savings
Economics
income
When a company reduces the price of a good or service to encourage consumers to buy
surplus
price reduction
price incentive
supply
The process of willingly trading one thing for another
voluntary exchange
specialization
price incentive
Economics
Nurse: Good or service?
Good
Service
What is the value of the next-best alternative when a decision is made?
specialization
opportunity cost
price incentive
productivity
Which of these involve risk-taking and combining natural, human, and capital resources in an attempt to make a profit?
capital resource
human resource
entrepreneurship
natural resource
