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WorksheetsEconomics Vocabulary Review
Total questions: 36
Worksheet time: 18mins
An economy includes:
The companies and people who PRODUCE, DISTRIBUTE, and SELL goods and services
Decisions about how to use scarce ECONOMIC RESOURCES
Markets and currency
All of the above
In economics, what do you call a person who buys a good or service?
User
Producer
Consumer
Distributor
ALL of the PEOPLE, NATURAL THINGS, TOOLS and FACILITIES used to produce a good or service are collectively called:
Capital Resources
Human Resources
Natural Resources
Economic Resources
TOOLS OR TECHNOLOGY MADE BY PEOPLE and used to produce goods and services
Human Resources
Capital Resources
Natural Resources
Consumer Goods
Which vocabulary word means that there is a limited supply of resources, goods, and services?
Opportunity Costs
Rarity
Production Possibility Frontier
Scarcity
The options or things that you GIVE UP OR LOSE when you choose one option over another
Capital Resources
Economic Resources
Economic Wants
Opportunity Cost
Any place or system that allows buyers and sellers to exchange or buy goods and services like a grocery store or Amazon.com
Market
Distributor
Producer
Currency
The quantity of goods that a seller is willing to sell at possible prices
Supply
Demand
Surplus
Shortage
The amount of a good or service people want to buy at a certain price and at a certain time
Supply
Demand
Surplus
Shortage
When the supply is greater than the demand, then there is:
Equilibrium
Shortage
Surplus
When supply is less than demand, then there is:
Equilibrium
Shortage
Surplus
When quantity supplied = quantity demanded, there is:
Equilibrium
Surplus
Shortage
Something that people would like to have
needs
plan
wants
opportunity cost
Things that a person plans to achieve in the future
goals
savings
wants
choices
Things that are favorable to the decision-maker
services
cost
wants
benefits
Work that someone does for someone else
goods
services
choices
income
Decisions that are made or courses of action taken
choices
services
budget
spending
A plan for managing income, saving and spending
benefits
needs
services
budget
Earnings received for work
savings
income
choices
opportunity cost
The highest-valued choice that is given up when a decision is made
allowance
opportunity cost
income
goals
Things that are made or grown that people sell or buy
goods
wants
needs
services
Putting aside income or gift money for future use
costs
budget
saving
spending
pay
Wages
Exploit
Urban
Rural
the process in which a country changes from a primarily agricultural society to one based on the manufacturing of goods and services
Tenant Farmer
Laissez-Faire Capitalism
Industrialization
Socialism
city
Urban
Rural
Exploit
Poverty
country
Urban
Rural
Exploit
Poverty
The complete control of an industry by one person or company.
Progressive Era
Assembly line
Industrial Revolution
Monopoly
People who moved to America (primarily in the cities) from another country in search for jobs and democratic ideals.
Immigrants
Muckraker
Nativism
Migrant Farm Workers
A law passed in 1890 that prohibited businesses to become monopolies and therefore encourage competition.
Compromise of 1877
Child Labor Act
Trust
Sherman Anti-Trust Act
An organization of workers that tries to help its members receive higher wages and have better working conditions.
Labor Union
Nativism
Trust
Sherman Anti-Trust Act
When you put you money in a bank, you put in your ____
bank account
bank security
bank manager
when you are able to buy something
afford
repay
A person who starts a business is know as
Merchant
Entrepreneur
Salesman
Businessman
