Economics Exam

Front

What are natural resources?

Back

Materials that occur in nature and can be used for economic gain

Front

What is the definition of goods?

Back

Merchandise or possessions

Front

What does capital refer to in economics?

Back

Wealth in the form of money or other assets

Front

What is a social class?

Back

A grouping of people based on wealth, religion, or other factors

Front

What does supply mean in economic terms?

Back

The amount of something that is available

Front

What is production?

Back

The action of making or manufacturing from raw materials

Front

Who is a consumer?

Back

A person who purchases goods and services for personal use

Front

What does economy refer to?

Back

A wealth and resources of a country or region

Front

What is scarcity?

Back

The state of being scarce or short supply

Front

Who was Adam Smith?

Back

A Scottish economist who supported capitalism