Study skills - Samuelson 1, 2

Question 1

a situation in which the supply of something is not enough

Answer 1

scarcity

Question 2

the ability to work well and produce good results

Answer 2

efficiency

Question 3

objects produced for sale

Answer 3

goods

Question 4

to worry about something continuously

Answer 4

to fret over

Question 5

the way in which an available supply of something is shared among people

Answer 5

distribution (of income)

Question 6

a plentiful supply of material goods; wealth

Answer 6

affluence

Question 7

an item that is useful to people but scarce in relation to its demand

Answer 7

economic goods

Question 8

the process of buying or using goods

Answer 8

consumption

Question 9

a situation in which people do not have basic things that they need

Answer 9

deprivation

Question 10

deformed

Answer 10

distorted

Question 11

the process of deciding to give an amount or share of something to someone

Answer 11

allocation (of resources)

Question 12

the health and happiness of people

Answer 12

welfare

Question 13

something that you do that helps to achieve something or to make it successful

Answer 13

contribution

Question 14

the activities of buying and selling goods or services

Answer 14

trade

Question 15

the way that the work that needs to be done is divided so that different people are responsible for different parts of it

Answer 15

division of labor

Question 16

very large in amount or degree

Answer 16

extensive

Question 17

making or growing things in large quantities

Answer 17

productive

Question 18

something that can be bought and sold

Answer 18

commodity

Question 19

to allow

Answer 19

to permit

Question 20

average or below average in quality, ability, or achievement

Answer 20

mediocre

Question 21

money or property that you use to start a business or invest to earn more money

Answer 21

capital

Question 22

worth a lot of money

Answer 22

precious

Question 23

very detailed and complicated

Answer 23

intricate (network)

Question 24

a small part or amount of something

Answer 24

fraction

Question 25

a benefit, or an advantage

Answer 25

gain (from trade)

Question 26

materials such as coal or iron before being processed or manufactured into a final form

Answer 26

raw materials

Question 27

able to provide everything that you need by yourself, without help from other people

Answer 27

self-sufficient

Question 28

special skill or knowledge that you get from experience, training, or study

Answer 28

expertise