Unit 6 Part 1 Vocabulary

What are materials found in nature that are used as a factor of production called?

• Capital Resources

• Human Resources

• Natural Resources

• Opportunity Cost

Which term describes a tool, machinery, or item of equipment used as a factor of production?

• Scarcity

• Capital Resources

• Consumption

• Choice

Who are the people that work to provide labor in exchange for income?

• Entrepreneurs

• Natural Resources

• Human Resources

• Capital Resources

What is the term for people who process and organize ideas to make goods/services a reality?

• Scarcity

• Entrepreneurship

• Consumption

• Production

What is the inability to satisfy all wants at the same time called?

• Choice

• Scarcity

• Opportunity Cost

• Production

What is the selection of an item or action from a set of possible alternatives known as?

• Consumption

• Production

• Choice

• Scarcity

What is the action of making something by combining human, natural, capital, and entrepreneurial resources?

• Consumption

• Production

• Opportunity Cost

• Scarcity

What is the term for the using of goods and services?

• Consumption

• Production

• Choice

• Scarcity

What is given up whenever a choice is made, also known as the next best alternative?

• Natural Resources

• Capital Resources

• Opportunity Cost

• Human Resources

What is the role of a producer?

• Someone who purchases a good or service

• Someone who provides/creates a good or service

• A skill you pay for like a doctor or mechanic

• The idea that consumers determine what goods and services will be produced