Economics

Question 0

Consumer

Answer 0

Anyone who uses a good or service

Question 1

Capital goods

Answer 1

Manufactured or constructed items that are used in the production of goods and services

Question 2

Consumption

Answer 2

The economic process or activity of using goods and services

Question 3

Decision-making

Answer 3

Choosing among alternatives

Question 4

Distribution

Answer 4

The economic process or activity by which income is divided among resource owners and producers

Question 5

Economic activities

Answer 5

Consumption, production, exchange and distribution

Question 6

Economic wants

Answer 6

Desires for items that can only be obtained by spending money

Question 7

Economics

Answer 7

The study if how to meet unlimited, competing wants with limited resources

Question 8

Economizing

Answer 8

The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained

Question 9

Exchange

Answer 9

The economic process of trading one good/service for another

Question 10

Free goods

Answer 10

Items that can me obtained without money

Question 11

Good

Answer 11

A tangible object that can be manufactured or produced for sale

Question 12

Human resources

Answer 12

People who work to produce goods and services

Question 13

Income

Answer 13

The money received by resource owners and by producers for supplying goods and services to customers

Question 14

Natural resources

Answer 14

Items found in nature that are used to produce goods and services

Question 15

Non economic wants

Answer 15

Desires for things that can be obtained without spending money

Question 16

Opportunity cost

Answer 16

The benefit that is lost when you decide to use a scarce resource for one purpose rather than another

Question 17

Price

Answer 17

The amount of money paid for a good, service or resource

Question 18

Producers

Answer 18

The people who make or provide goods and services

Question 19

Production

Answer 19

The economic process or activity of producing goods and services

Question 20

Resource

Answer 20

Any item that is used to produce goods and or services

Question 21

Resource owners

Answer 21

Those who provide human resources, natural resources, and capital goods in order for production to take place

Question 22

Scarcity

Answer 22

A condition resulting from the gap between unlimited wants for goods and services and limited resources

Question 23

Service

Answer 23

An intangible object that can be sold ( hair cuts, insurance )

Question 24

Trade-off

Answer 24

Giving up all or a part of one thing in order to get something else

Question 25

Wants

Answer 25

Desires