Fundamental Concepts of Economics

Question 1

The way to express a need.

Answer 1

Want

Question 2

Items necessary to survive.

Answer 2

Need

Question 3

The condition that results from society not having enough resources to produce the wants of all the people.

Answer 3

Scarcity

Question 4

Anything that occurs naturally.

Answer 4

Land

Question 5

Tools used to produce.

Answer 5

Capital

Question 6

People producing works and services.

Answer 6

Labor

Question 7

Innovators and people who have new ideas.

Answer 7

Entrepreneurs

Question 8

The product that is ready for a consumer to use.

Answer 8

Final Goods

Question 9

Goods used in a production process.

Answer 9

Capital Goods

Question 10

An action performed by one person for another.

Answer 10

Service

Question 11

The ability to produce quantities of goods in faster ways.

Answer 11

Productivity

Question 12

The things you give up in a decision.

Answer 12

Trade-Off

Question 13

The next best thing that you do not choose.

Answer 13

Opportunity Cost

Question 14

Deciding who to give your goods and services to.

Answer 14

Allocation

Question 15

“There is no such thing as a free lunch” Nothing is free in life.

Answer 15

TINSTAAFL

Question 16

A place where buyers and sellers go to exchange goods and services.

Answer 16

Market

Question 17

How much something is worth.

Answer 17

Value

Question 18

An accumulation of items that are tangible, scarce, have utility, and are transportable.

Answer 18

Wealth

Question 19

The money needed for essentials like housing, food, taxes, and healthcare in a specific location and time.

Answer 19

Cost of Living

Question 20

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class.

Answer 20

Standard of Living