fundamentals of economics terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| need | show 🗑
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| show | something that we desire but that i not necessary for survival, such as video games or stylish haircuts
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| goods | show 🗑
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| show | actions of activities (intangible) that one person performs for another, such as a hair cut
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| scarcity | show 🗑
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| shortage | show 🗑
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| show | the resources used to make all goods or services
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| show | a term that refers to all natural resources used to produce goods and services
- materials found in nature, in , or on the land such as oil, iron, coal, water, and forests
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| show | a terms that refers to the effort people devote to tasks for which they are paid
- medical care provider, teacher, technician
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| capital | show 🗑
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| physical captial | show 🗑
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| human capital | show 🗑
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| economics | show 🗑
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| show | a term used to describe one of the common choices facing governments: the choice between spending money on military or domestic needs
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| opportunity cost | show 🗑
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| show | a graph that shows alternative ways to use an economy's productive resources
- points a, b, or and c on guns or butter chart
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| production possibilities frontier | show 🗑
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| efficiency | show 🗑
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| show | the use of fewer resources than the economy is capable of using
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| law of increasing costs | show 🗑
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| economic system | show 🗑
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| show | level of economic prosperity
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| innovation | show 🗑
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| traditional economy | show 🗑
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| market | show 🗑
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| show | the concentration of the productive efforts of individuals and businesses on a limited number of activities
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| free market economy | show 🗑
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| self-interest | show 🗑
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| competition | show 🗑
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| centrally (command) planned economy | show 🗑
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| socialism | show 🗑
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| communism | show 🗑
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Created by:
jaynahiwen
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