Economics Vocabulary Review

An economy includes:

• The companies and people who PRODUCE, DISTRIBUTE, and SELL goods and services

• Decisions about how to use scarce ECONOMIC RESOURCES

• Markets and currency

• All of the above

In economics, what do you call a person who buys a good or service?

• User

• Producer

• Consumer

• Distributor

ALL of the PEOPLE, NATURAL THINGS, TOOLS and FACILITIES used to produce a good or service are collectively called:

• Capital Resources

• Human Resources

• Natural Resources

• Economic Resources

TOOLS OR TECHNOLOGY MADE BY PEOPLE and used to produce goods and services

• Human Resources

• Capital Resources

• Natural Resources

• Consumer Goods

Which vocabulary word means that there is a limited supply of resources, goods, and services?

• Opportunity Costs

• Rarity

• Production Possibility Frontier

• Scarcity

The options or things that you GIVE UP OR LOSE when you choose one option over another

• Capital Resources

• Economic Resources

• Economic Wants

• Opportunity Cost

Any place or system that allows buyers and sellers to exchange or buy goods and services like a grocery store or Amazon.com

• Market

• Distributor

• Producer

• Currency

The quantity of goods that a seller is willing to sell at possible prices

• Supply

• Demand

• Surplus

• Shortage

The amount of a good or service people want to buy at a certain price and at a certain time

• Supply

• Demand

• Surplus

• Shortage

When the supply is greater than the demand, then there is:

• Equilibrium

• Shortage

• Surplus