Vocabulary Test Write Out

Question 0

want

Answer 0

something that people desire but that is not necessary for survival

Question 1

need

Answer 1

something essential for survival

Question 2

goods

Answer 2

the physical objects that someone produces

Question 3

services

Answer 3

the actions of activities that one person performs for another

Question 4

scarcity

Answer 4

the principle that limited amounts of goods and services are unavailable to meet unlimited wants

Question 5

economics

Answer 5

the study of how people seek to satisfy their needs and wants by making choices in the use of scarce resources.

Question 6

shortage

Answer 6

a situation in which consumers want more of a good or service than producers are willing to make available at a particular price

Question 7

entrepreneur

Answer 7

a person who decides how to combine resources to create goods and services

Question 8

factors of production

Answer 8

the resorces that are used to make goods and services

Question 9

lands

Answer 9

all natural resources used to produce goods and services

Question 10

labor

Answer 10

the effort people devote to tasks for which they are paid

Question 11

capital

Answer 11

any human made resource that is used to produce theri goods and services

Question 12

human capital

Answer 12

the knowledge and skills a worker gains through education and experience

Question 13

opportunity cost

Answer 13

the most desirable alternative given up as the result of a decision

Question 14

thinking at the margin

Answer 14

the process of deciding whether to do or use one additional unit of some resource

Question 15

marginal cost

Answer 15

the extra cost of adding one unit

Question 16

marginal benefit

Answer 16

the extra benefit of adding one unit

Question 17

production possibilities curve

Answer 17

a graph that shows alternative ways to use an economy’s productive resources

Question 18

law of increasing cost

Answer 18

an economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service

Question 19

technology

Answer 19

any use of land, labor, or capital that produces goods and services more efficiently

Question 20

entreneurship

Answer 20

ability (and willingness) to start new businesses, to introduce new products and techniques, and to improve management techniques