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WorksheetsImportant Basic Economic Terms
Total questions: 17
Worksheet time: 10mins
One who purchases goods and services.
Consumer
Producer
Wants
Needs
One who makes goods or provides a service.
Consumer
Needs
Economy
Producer
Not having enough of something.
Needs
Economy
Demand
Scarcity
______ is any physical environmental item that people perceive to be useful.
human resource
natural resource
capital resource
distribution
_____ is equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services.
human resource
natural resource
capital resource
production
_____ is workers and their abilities, talents, training, skills, and knowledge used to produce goods or services
human resource
capital resource
natural resource
production
What is the process of making goods and services?
production
distribution
consumption
What is it called to move goods and services directly to or near consumers?
production
consumption
distribution
What is the study of how people use resources to produce, distribute, and consume goods and services?
tariff
economics
trade
import
What is the amount of a product or service that is available for consumers to buy?
demand
supply
scarcity
profit
Capital
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
The organised exchange of goods, services or resources between buyers and sellers.
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
The cost of a good or service we forgo (give up) when we choose another.
Land/Natural Resources
Raw materials supplied from the earth, sea or air. Examples include forests, minerals, water, oil, gas, grain and fish.
Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
Individuals and businesses involved in the production of goods and services.
