Economics

Question 1

The study of people choose to use limited resources to satisfy their unlimited wants

Answer 1

Economics

Question 2

Where there isn’t enough of something because humans want more than they can have

Answer 2

Scarcity

Question 3

Consumers willingness to purchase a good or service at a specific price

Answer 3

Demand

Question 4

Producers willingness to make a product or offer a service at a particular price

Answer 4

Supply

Question 5

Tangible (touchable) objects that satisfy economic wants

Answer 5

Goods

Question 6

Activities performed by people to satisfy economic wants

Answer 6

Services

Question 7

Someone who uses resources to make a good or service

Answer 7

Producer

Question 8

Someone who buys or trades a good or service

Answer 8

Consumer

Question 9

Goods brought into one country from another through trade or sell

Answer 9

Imports

Question 10

Good and services traded with or sold to other countries

Answer 10

Exports

Question 11

The knowledge and skills (education) that allows workers to produce goods and services to earn a salary

Answer 11

Human resources/Capital

Question 12

Good such as factories, machines, and tools that works

Answer 12

Capital goods

Question 13

Raw material used to support life and make good

Answer 13

Natural resources

Question 14

The total value of all goods and services produced in a country every year

Answer 14

Grass domestic product

Question 15

To buy more of something in order to benefit from it in the future

Answer 15

Invest

Question 16

The rare mix of qualities needed to create and run businesses

Answer 16

Entrepreneurship

Question 17

Persons level of comfort determined by the amount of goods, services, and luxuries available to a person

Answer 17

Standard of living

Question 18

When people, businesses, or countries produce a specific goods or services in order to produce more

Answer 18

Specialization

Question 19

The way a nation uses its resources to satisfy people’s needs and wants.
Three major economic systems: Traditional Economy
Command Economy
Market Economy

Answer 19

Economic system

Question 20

And economy system in which social roles and culture decide what goods and services will be produced, how they will be produced in for whom

Answer 20

Traditional Economy

Question 21

And economic system in which the government decides good and services will be produced, how they will be produced, and for whom

Answer 21

Command Economy

Question 22

And economic system in which individual choices decide what goods and services will be produced, how they will be produced, and for whom

Answer 22

Market Economy

Question 23

And economic system that has mixed features of a traditional, command, and market systems

Answer 23

Mixed Economy

Question 24

An economic exchange in which all sides agree to participate because their expect to benefit.

Answer 24

Voluntary trade

Question 25

The exchange of goods and services between countries.

Answer 25

International Trade

Question 26

Money that is used as a way to trade goods and services.

Answer 26

Currency

Question 27

How much one country’s money is worth compared to another country’s.

Answer 27

Exchange rate

Question 28

Any low or practice that a government uses to limit trade between countries.

Answer 28

Trade Barrier

Question 29

A price charged for goods or services brought into one area from another area.

Answer 29

Tariff

Question 30

A limit on the amount of product that may be imported during a giving period of time.

Answer 30

Quota

Question 31

When a country refuses to import or export certain goods, often packed by the military force

Answer 31

Embargo