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Economic Vocabulary part 1

Quiz by Rob Barrette

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9 questions
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  • Q1
    What is only having a certain amount of a resources called?
    opportunity cost
    supply
    scarcity
    limited resources
    30s
  • Q2
    What do economists call not having enough of something?
    opportunity cost
    limited resources
    unlimited wants
    scarcity
    30s
  • Q3
    What do economists call the people and the skills and knowledge they bring to their work?
    producer
    natural resources
    capital resources
    human resources
    30s
  • Q4
    What do economists call it when there is no end to how many things people need and want?
    unlimited wants
    supply
    consumer
    demand
    30s
  • Q5
    What do economists call things that are used to produce goods and services?
    capital resources
    opportunity costs
    human resources
    natural resources
    30s
  • Q6
    What do economists call materials from nature, such as trees or water, that people use?
    capital resources
    natural resources
    supply
    human resources
    30s
  • Q7
    What do economists call the study of the production, distribution, and consumption of goods and services?
    economics
    economic system
    market economy
    consumer sovereignty
    30s
  • Q8
    What do economists call the thing you give up when you choose something else?
    opportunity costs
    limited resources
    profit
    scarcity
    30s
  • Q9
    What do economists call an economic system where there is competition and price is determined by supply and demand?
    market economy
    competition
    consumer sovereignty
    economic system
    30s

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