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Econ Vocab for Lemonade War

Total questions: 24

Worksheet time: 12mins

Name
Class
Date
1.

Slump

a)
  • a drop in the activity of a business or the economy

b)

organization involved in the trade of goods or services or both  to consumers

c)
  • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

d)
  • different between the money people make when they produce and sell a good or service and all their costs of production

2.

business

a)

organization involved in the trade of goods or services or both  to consumers

b)
  • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

c)
  • different between the money people make when they produce and sell a good or service and all their costs of production

d)
  • gifts of nature that are used in the production or goods/services

3.

economy

a)
  • the production, distribution or trade, and consumption of limited goods and services by different companies in a given location

b)
  • different between the money people make when they produce and sell a good or service and all their costs of production

c)
  • gifts of nature that are used in the production or goods/services

d)
  • goods produced and used to make other goods or services

4.

profit

a)
  • different between the money people make when they produce and sell a good or service and all their costs of production

b)
  • gifts of nature that are used in the production or goods/services

c)
  • goods produced and used to make other goods or services

d)

people who work to produce goods and services

5.

natural resource

a)
  • gifts of nature that are used in the production or goods/services

b)
  • goods produced and used to make other goods or services

c)
  • people who work to produce goods and services

d)
  • in short supply; not enough

6.

breakup

a)
  • dissolution of a unit, an organization, or a group of organizations

b)
  • describe or draw attention to a product, service or event in a public medium in order to promote sales or attendance

c)
  • two or more people joining forces to sell a certain amount of goods or to work on a single project

d)
  • what people pay when they purchase a good or service 

7.

market

a)
  • this exists whenever people buy and sell goods and services, where prices are determined

b)
  • when you make a decision, the most valuable alternative that you give up

c)

rivalry in the marketplace

d)

pricing the same goods for less than the competition

8.

opportunity cost

a)

when you make a decision, the most valuable alternative that you give up

b)
  • rivalry in the marketplace

c)

pricing the same goods for less than the competition

d)

an object people want that they can touch or hold

9.

capital resource

a)
  1. goods produced and used to make other goods or services

b)

people who work to produce goods and services

c)
  1. in short supply; not enough

d)
  1. dissolution of a unit, an organization, or a group of organizations

10.

human resources

a)
  1. people who work to produce goods and services

b)
  1. in short supply; not enough

c)
  1. dissolution of a unit, an organization, or a group of organizations

d)
  1. describe or draw attention to a product, service or event in a public medium in order to promote sales or attendance

11.

scarcity

a)
  1. in short supply; not enough

b)
  1. dissolution of a unit, an organization, or a group of organizations

c)
  1. describe or draw attention to a product, service or event in a public medium in order to promote sales or attendance

d)
  1. two or more people joining forces to sell a certain amount of goods or to work on a single project

12.

joint venture

a)
  1. two or more people joining forces to sell a certain amount of goods or to work on a single project

b)
  1. what people pay when they purchase a good or service 

c)
  1. this exists whenever people buy and sell goods and services, where prices are determined

d)
  1. when you make a decision, the most valuable alternative that you give up

13.

price

a)

what people pay when they purchase a good or service

b)
  1. this exists whenever people buy and sell goods and services, where prices are determined

c)
  1. when you make a decision, the most valuable alternative that you give up

d)
  1. rivalry in the marketplace

14.

competition

a)
  1. rivalry in the marketplace

b)
  1. pricing the same goods for less than the competition

c)
  1. an object people want that they can touch or hold

d)
  1. action that a person does for someone else

15.

underselling

a)
  1. pricing the same goods for less than the competition

b)
  1. an object people want that they can touch or hold

c)
  1. action that a person does for someone else

d)
  1. someone who takes the risk to develop a product or start a new business

16.

goods

a)
  1. an object people want that they can touch or hold

b)
  1. action that a person does for someone else

c)
  1. someone who takes the risk to develop a product or start a new business

d)
  1. to trade or buy without the use of money

17.

service

a)
  1. action that a person does for someone else

b)
  1. someone who takes the risk to develop a product or start a new business

c)
  1. to trade or buy without the use of money

d)
  1. goods and services available

18.

entrepreneur

a)
  1. someone who takes the risk to develop a product or start a new business

b)
  1. to trade or buy without the use of money

c)
  1. goods and services available

d)
  1. how many customers want to buy a product

19.

barter

a)
  1. to trade or buy without the use of money

b)
  1. goods and services available

c)

how many customers want to buy a product

d)
  1. desires that can be satisfied by consuming a good, service, or leisure activity

20.

supply

a)
  1. goods and services available

b)
  1. how many customers want to buy a product

c)

desires that can be satisfied by consuming a good, service, or leisure activity

d)
  1. food/water, shelter and clothing

21.

demand

a)
  1. how many customers want to buy a product

b)
  1. desires that can be satisfied by consuming a good, service, or leisure activity

c)
  1. food/water, shelter and clothing

d)
  1. people or businesses mutually depending on each other

22.

economic wants

a)
  1. desires that can be satisfied by consuming a good, service, or leisure activity

b)

food/water, shelter and clothing

c)
  1. people or businesses mutually depending on each other

d)
  1. a drop in the activity of a business or the economy

23.

economic needs

a)
  1. food/water, shelter and clothing

b)

people or businesses mutually depending on each other

c)
  1. a drop in the activity of a business or the economy

d)
  1. organization involved in the trade of goods or services or both  to consumers

24.

interdependence

a)
  1. people or businesses mutually depending on each other

b)
  1. a drop in the activity of a business or the economy

c)

organization involved in the trade of goods or services or both  to consumers

d)
  1. the production, distribution or trade, and consumption of limited goods and services by different companies in a given location