Economics Basics

What is the term for the following definition? The study of the production, distribution, and consumption of goods and services.

• Economics

• Biology

• Psychology

• Geography

What is the term for the following definition? Goods and services that are essential, such as food, clothing, and shelter.

• Needs

• Wants

• Luxuries

• Preferences

What is the term for the following definition? A good or service we wish for but do not need for survival.

• Wants

• Needs

• Resources

• Scarcity

Fill in the blank: ________ are products that satisfy an economic need or want (Products people buy & sell).

• Goods

• Services

• Ideas

• Resources

Fill in the blank: ________ is an action or work that someone provides to help others that does not involve goods.

• Services

• Products

• Materials

• Equipment

Fill in the blank: ________ is a person who buys and uses up goods.

• Consumer

• Producer

• Supplier

• Manufacturer

Fill in the blank: ________ is a person who starts their own business or industry.

• Entrepreneur

• Employee

• Manager

• Customer

Fill in the blank: The amount of goods or services that are available is called _______.

• Supply

• Demand

• Price

• Revenue

Fill in the blank: The consumer's desire for a good or service is called _______.

• Demand

• Supply

• Production

• Revenue

Fill in the blank: Money or property that is invested or used to make more money is called _______.

• Capital

• Revenue

• Expense

• Liability