WorksheetsEconomic Vocab
Total questions: 14
Worksheet time: 7mins
What are natural resources?
Talents and skills of people
Resources found in nature needed to make a product
Tools and equipment bought to help produce goods
Objects used or bought by a consumer
What is the definition of labor in economic terms?
Resources found in nature
Tools and equipment bought to help produce goods
Talents, training, and skills of people used in producing goods and services
The science of how people use resources to satisfy wants and needs
What are capital resources?
Resources found in nature
Talents and skills of people
Tools and equipment bought to help produce goods
Objects used or bought by a consumer
Who is an entrepreneur?
A person who buys goods
A person who comes up with an original idea for a new item that will make money
A person who uses resources to satisfy wants and needs
A person who provides labor
What are goods?
Resources found in nature
Talents and skills of people
Objects which are used or bought by a consumer
Tools and equipment bought to help produce goods
What does economics study?
The science of how people use resources to satisfy wants and needs
The talents and skills of people
The resources found in nature
The tools and equipment bought to help produce goods
What are human resources?
Resources found in nature
Humans needed to help make a product or help provide a service
Tools and equipment bought to help produce goods
Objects used or bought by a consumer
What are items that people must have in order to survive?
Wants
Services
Needs
Goods
What term describes economic activities that satisfy consumers' wants or needs?
Goods
Services
Budget
Producer
What are the objects which are bought and used by a consumer?
Wants
Goods
Needs
Budget
What are goods and services that a person does not have to have in order to survive?
Needs
Services
Wants
Budget
Who is the person that makes goods and services available to satisfy others' wants/needs?
Consumer
Producer
Budget
Goods
Who is the person that purchases or uses goods and services?
Producer
Consumer
Needs
Services
What is a plan for saving and spending income on various resources?
Wants
Budget
Goods
Services
