2025 Economics Terms Quiz#1 (1-10)

A condition facing all societies because there are not enough productive resources to satisfy people's unlimited wants.

• Economics

• Trade-Off

• Choice

• Scarcity

The study of how people use their scarce resources to satisfy their unlimited wants.

• Scarcity

• Economics

• Microeconomics

• Macroeconomics

The inputs used to produce the goods and services that people want.

• Human Resource

• Entrepreneur

• Productive Resource

• Capital

The broad category of human efforts, both physical and mental, used to produce goods and services.

• Productive Resource

• Capital Resource

• Trade-Off

• Human resource

The physical and mental effort used to produce goods and services.

• Labor

• Capital

• Land

• Scarcity

A profit-seeker who develops new product or process and assumes the risk of profit or loss.

• Profiteer

• Entrepreneur

• Salesman

• Venture Capitalist

So-called "gifts of nature" used to produce goods and services; includes both renewable and exhaustible resources.

• Productive Resource

• Human Resource

• Capital Resource

• Natural resources

A simplification of economic reality used to make predictions about the real world.

• Economic theory

• Economic Assumption

• Economics

• Economic Choice

Incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo.

• Marginal Analysis

• Tradeoff

• Opportunity Cost

• Ration Sel-Interest

All human creations used to produce goods and services; for example, factories, trucks, and machines.

• Laobor

• Entrepreneurship

• Capital

• Human Resource