
Economic Vocabulary part 1
Quiz by Rob Barrette
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9 questions
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- Q1What is only having a certain amount of a resources called?opportunity costsupplyscarcitylimited resources30s
- Q2What do economists call not having enough of something?opportunity costlimited resourcesunlimited wantsscarcity30s
- Q3What do economists call the people and the skills and knowledge they bring to their work?producernatural resourcescapital resourceshuman resources30s
- Q4What do economists call it when there is no end to how many things people need and want?unlimited wantssupplyconsumerdemand30s
- Q5What do economists call things that are used to produce goods and services?capital resourcesopportunity costshuman resourcesnatural resources30s
- Q6What do economists call materials from nature, such as trees or water, that people use?capital resourcesnatural resourcessupplyhuman resources30s
- Q7What do economists call the study of the production, distribution, and consumption of goods and services?economicseconomic systemmarket economyconsumer sovereignty30s
- Q8What do economists call the thing you give up when you choose something else?opportunity costslimited resourcesprofitscarcity30s
- Q9What do economists call an economic system where there is competition and price is determined by supply and demand?market economycompetitionconsumer sovereigntyeconomic system30s