Economic Terms Q-4 2025

Front

______ is the study of the making, buying, and selling of goods and services.

Back

Economics

Front

______ are something you would like to have but is not necessary for survival.

Back

Wants

Front

______ are something you must have in order to live.

Back

Needs

Front

_______ are materials that come from nature.

Back

Land (natural resources)

Front

_______ are physical things that people make or use to satisfy needs and wants.

Back

Goods

Front

______ are activities that satisfy people's needs and wants.

Back

Services

Front

The process of creating a business, & taking risks with money in order to gain profit.

Back

Entrepreneurship

Front

A political system based on a classless society, government ownership of the means of production & wealth shared with everyone.

Back

Communism

Front

Money, machinery, technology, or intellectual knowledge used for investment in a business

Back

Capital

Front

An economic system that favors free market capitalism and discourages government interference in the economy; meaning no taxes, regulation or tariffs.

Back

Laissez faire economy