Economic Terms

________ exists because we have insufficient resources to satisfy our needs and wants.

_______ scarcity exists when it is not possible to produce more of something.

• relative

• absolute

• productive

• circular

________ ___________ is the cost of the best alternative you give up when you make a choice. (two word answer)

The _____ sector has to do with the extraction of natural resources.

• primary

• secondary

• tertiary

• economic

The ______ sector is where manufacturing and construction takes place.

• primary

• secondary

• tertiary

• quantum

The _____ sector is where the delivery of services takes place and the good or service reaches the final consumer.

• tertiary

• delivery

• performance

• allocation

The _______ _________ is where the factors of production are bought and sold.

An economy that uses markets to solve the problems of what to produce, how to produce and for whom to produce.

• market economy

• factor economy

• allocative economy

• econometrics

In a(n) _______ economy, the authorities decide on the production and distribution of the products. Resources are used and distributed according to the central-government plan.

Economic goods...

• are provided by nature.

• are scarce at times.

• are produced by businesses.

• exclude services