Economics Vocabulary

Which economics term describes the actions that people perform for us that are bought and sold?

• Goods

• Production

• Services

• Consumption

Which economics term describes the way in which there are a limited number of resources to meet our unlimited wants and needs?

• Shortage

• Consumption

• Production

• Scarcity

What difference was important in the way that pharmacies were allowed to stay open in April 2020 while nail salons were not?

• The difference between production and consumption

• The difference between goods and services

• The difference between needs and wants

• The difference between scarcity and economics

Which economics term describes the physical things that are bought and sold in the economy?

• Production

• Goods

• Services

• Consumption

Which of the following is the best example of a WANT?

• A plate of spaghetti

• A t-shirt

• An apartment

• A haircut

Which of the following BEST describes the subject of economics?

• The way people use money to navigate their way in the world.

• The study of people's employment in difficult and excellent times.

• The study of government actions when faced with political elections.

• The study of the choices people make when faced with limited resources.

Which economic term describes people buying and using goods and services?

• Production

• Consumption

• Collating

• Consolidating

Which term is and economic term for MAKING goods and services?

• Production

• Consumption

• Assertion

• Completion

Which of the following is the best example of a NEED?

• a solid gold guitar

• a glass of juice

• a video game console

• a basketball

Jerry has a boat, and a mansion, and a million dollars in the bank. This is all known as......

• Income

• Wealth

• Sunk Costs

• Taxed Capital