Econ Terms

Question 1

The science which studies human behavior as a relationship between ends and scarce means which have alternative uses

Answer 1

Economics

Question 2

When there isn’t enough of a good or service to meet demand

Answer 2

Scarcity

Question 3

Money collected by the government to provide services to the community

Answer 3

Taxes

Question 4

When laborers acquire skills that make them more efficient

Answer 4

Specialization

Question 5

When a nation’s production increases over time

Answer 5

Economic Growth

Question 6

Natural resources not created by people

Answer 6

Land

Question 7

What a good or service is worth (generally expressed in a form of currency)

Answer 7

Value

Question 8

What you give up when you decide to buy something

Answer 8

Opportunity Cost

Question 9

The process of creating goods and services

Answer 9

Production

Question 10

Total value of all goods and services produced in a country

Answer 10

Gross Domestic Product

Question 11

When prices go up but wages remain constant/ stagnant

Answer 11

Inflation

Question 12

When more than one producer is selling the same good or service

Answer 12

Competition

Question 13

When someone performs an act of value for someone else

Answer 13

Service

Question 14

When the government takes some limited intervention in the economy

Answer 14

Mixed Economy

Question 15

When the government takes little to no intervention in the economy

Answer 15

Free Enterprise

Question 16

Location where goods and services are exchanged

Answer 16

Market

Question 17

Elements necessary to create goods and services

Answer 17

Factors of Production

Question 18

When there is more than enough of a good or service to go around

Answer 18

Abundance

Question 19

Desirable goods/ services that are not necessary for human survival

Answer 19

Want

Question 20

When members of a community depend on each other for needs

Answer 20

Economic Interdependence

Question 21

Money needed to acquire factors of production

Answer 21

Capital

Question 22

Comparing the benefits received from a purchase that is made (or not)

Answer 22

Cost Benefit Analysis

Question 23

Accumulation of tangible and valued products

Answer 23

Wealth

Question 24

When the government has complete control of the factors of production and the economy

Answer 24

Command Economy

Question 25

How efficient en economy is at producing goods and services

Answer 25

Productivity

Question 26

Money left over after the producer has paid off all the expenses of production

Answer 26

Profit

Question 27

Tangible products that are desirable by many people

Answer 27

Goods

Question 28

The people needed to produce a good or service

Answer 28

Labor

Question 29

One who starts a business

Answer 29

Entrepreneur

Question 30

When an individual has no ability to increase their wages/ income

Answer 30

Fixed Income

Question 31

Something that is required for human survival

Answer 31

Need