Rev 5 Unit 6 - Vocabulary

Items that can be bought, sold, and traded, such as food and computers

• goods

• services

• market

• economics

Tasks you pay someone to do for you

• goods

• services

• market

• necessity

Which provides both goods and services?

• A babysitter

• A post office

• A bus driver

• A DJ

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources

Money used to re-invest in a firm and further its business objectives

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

identify all the examples of human resources

• school

• teacher

• lawyer

• biology

• mechanic

Economics is the study of

• how society manages its unlimited resources.
• how to reduce our wants until we are satisfied.
• how to fully satisfy our unlimited wants.
• how to avoid having to make trade-offs.

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources