WorksheetsEconomic Terms
Total questions: 25
Worksheet time: 15mins
actions that satisfy people's wants or needs
services
goods
supply
demand
objects that can satisfy people's wants or needs
goods
services
demand
supply
when something is in short supply; when there's not enough
scarcity
choice
demand
market
how much there is of something
supply
demand
market
price
how much people want or need a certain good at a specific time and place
demand
supply
scarcity
surplus
A producer is
Wants
Services
Someone who creates goods or services
an example of a "service"
haircut
A Big Mac
A scooter
an example of "goods"
Clothes
A Teacher
Producer
The Economy is described as
Who gets what. The way the country, or a group manages its money and resources
The way the government is run
A book written by Karl Marx
Windows bought for a new house: Goods or Service?
Goods
Service
Services
When you have to make a decision about selecting between two or more different things
The cost of a good
Physical items that people purchase
An action to satisfy people's needs and wants
Synonym for "work"
Distribution
Consumption
Entrepreneur
Labor
Drought is an example of ________________.
scarcity
surplus
supply
demand
TOO MANY chairs!
Scarcity
Surplus
Supply
Demand
LeBron James releases a new pair of sneakers and everyone feels like they have to get them. This shows an increase in ____________.
Supply
Demand
Surplus
Scarcity
the value of everything a person owns
supply
money
wealth
market
we make what we are best at
industrialization
nationalization
specialization
visualization
Maine is known for its lobsters. The economy of Maine relies on catching and selling lobsters because there are lots of lobsters in Maine.
scarcity
specialization
services
demand
any way or any place that buyers and sellers meet
market
business
labor
production
things from nature that don't have value...yet
manufactured goods
services
raw materials
wealth
raw materials go to a factory and are made into these
manufactured goods
services
natural resources
surplus
coal, oil, wind, water, trees, minerals
natural resources
manufactured goods
services
labor
