Economics vocabulary

Question 1

Capital Resources

Answer 1

Items such as land, buildings, tools, money, etc. that are used in the production of other goods

Question 2

Consumer

Answer 2

someone who uses goods or services

Question 3

Economics

Answer 3

The study of the manufacture, distribution, sale, and use of other goods and services

Question 4

Demand

Answer 4

How much in the way of goods and services people want and are able and willing to buy at a given price

Question 5

Goods

Answer 5

Materials that are produced for people to buy or things that can be seen or touched

Question 6

Services

Answer 6

Jobs that people do for other people in return for pay

Question 7

Natural Resources

Answer 7

Things in nature for which man has found use

Question 8

Profit

Answer 8

The amount of money that a company makes after all the costs of running the business have been paid

Question 9

Cost

Answer 9

The amount of money that must be spent to get a certain good or services

Question 10

Producer

Answer 10

A person who makes goods or provides services

Question 11

Supply

Answer 11

The amount of a product that is available for people to purchase

Question 12

Wants

Answer 12

Things that people would like to have but can live without, such as TVs

Question 13

Needs

Answer 13

Things that people must have in order to survive, such as food

Question 14

Opportunity Cost

Answer 14

The things you give up when making a choice between two things

Question 15

Production

Answer 15

Making and providing goods and services for people to buy

Question 16

Human Resources

Answer 16

People with skills who do a job

Question 17

Rent

Answer 17

Money paid to someone in exchange for the use of that person’s property

Question 18

Wages or Salary

Answer 18

Money that is paid to a worker for the amount of time that has been worked

Question 19

Scarcity

Answer 19

When there are not enough goods and services to satisfy the wants and needs of the people

Question 20

Entrepreneur

Answer 20

A business owner

Question 21

Employer

Answer 21

The person who hires someone else to do the work

Question 22

Employee

Answer 22

A person who is hired by someone else to do a job

Question 23

Specialization

Answer 23

When people do the jobs that they are interested in and do best

Question 24

Interest

Answer 24

Money that is paid on a loan by the borrower for the use of that money

Question 25

Inflation

Answer 25

A general rise in the price level of goods and services

Question 26

Recession

Answer 26

Times when people are out of work and business are doing badly

Question 27

Stock

Answer 27

Shares of a business that can be bought and sold

Question 28

Investor

Answer 28

Someone who puts money into a business hoping to make a profit

Question 29

Competition

Answer 29

A contest between businesses or people to get the most customers or the best price

Question 30

Division of labor

Answer 30

Different jobs needed in production are divided among various workers