WorksheetsCE11 - Economics Vocabulary
Total questions: 10
Worksheet time: 5mins
What is the inability to satisfy all wants at the same time, all resources and goods are limited, limited goods and resources require that choices be made?
resources
entrepreneur
choice
scarcity
What is using goods and services, the fact that consumer preferences and price determine what is purchased or consumed?
choice
consumption
production
scarcity
What is the selection of an item or action from a set of possible alternatives, individuals must choose and make decisions about desired goods and services because they are limited.
opportunity cost
consumption
choice
production
What is whatever is given up when a choice is made? Also known as the second-best alternative.
scarcity
resources
opportunity cost
consumption
What is how wealth is produced, divided up, and consumed in human society?
goods and services
supply and demand
resources
economics
Money is an example of a
market
resource
scarcity
choice
What is any situation in which people interact to exchange goods, services, or ideas?
supply and demand
market
resource
opportunity cost
What is the study of decisions made by individuals, groups, and companies?
utility
macroeconomics
microeconomics
economist
Who conducts research, monitors economic trends, collects and analyzes data, and studies economic theory?
economists
civics teachers
scientists
theorists
What deals with the larger sum total decisions made by individuals in a nation or society?
microeconomics
utility
macroeconomics
resources
