Economics Basic Terms
Quiz by Kim Cing
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34 questions
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- Q1the study of how people get the things they need (like food, houses, clothes)economics30s
- Q2objects people sell or buy (EX pencil, iPod, hamburger)goods30s
- Q3activities people sell or buy (EX haircutting, car washing, babysitting)services30s
- Q4suppliesresources30s
- Q5SKILLS workers use to make things (EX education needed to be a doctor or car mechanic)human resources30s
- Q6TOOLS workers use to make things (EX hammer, tractor, computer)capital resources30s
- Q7MATERIALS from NATURE used to make things (EX trees, water, oil)natural resources30s
- Q8a person who MAKES thingsproducer30s
- Q9a person who BUYS thingsconsumer30s
- Q10creating a new businessentrepreneurship30s
- Q11a person who risks their time, money, and energy to make a profit by starting a new businessentreprenuer30s
- Q12goods brought into a countryimport30s
- Q13goods sold to other countriesexport30s
- Q14the total value ($) of all the things made in a country every yeargross domestic product (GDP)30s
- Q15to buy more of something so you can use it for a good reason in the futureinvest30s