Oak Manor Center - Social Studies - Econ List 1
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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| Economic Wants | Desires that can be satisfied by consuming a good, service or leisure activity
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| Business | An entity that produces and/or sells goods and services.
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| Entrepreneur | Someone who takes that risk to start a business.
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| Goods | Things that people want that you can hold or touch.
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| Consumer | Someone who buys goods and services.
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| Services | Actions, like a haircut, that satisfy someone's wants.
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| Interest | The price of money that is borrowed or save
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| Wages | The money a business pay for labor resources
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| Rent | The money a business pays for leasing buildings or equipment.
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| Costs | What businesses pay for productive resources; expenses a business pays to produce a product.
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| Producers | A business or person who provides (makes) a good or service for consumers.
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| Scarcity | When people's wants are greater than the resources for satisfying those wants.
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| Productive Resources | The natural resources (land), human resources (labor), and capital resources used to make goods and services.
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| Natural Resources | (LAND) – things found in nature that are used in production, such as water, minerals, land and trees.
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| Human Resources | (LABOR) – the work that people do in production
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| Capital Resources | Things made by people that are used in production, such as tools, buildings, equipment and machines.
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| Criteria | Important things to consider when making a decision.
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| Opportunity Cost | The most valuable alternative you give up when you make a choice.
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| Profit | The income an entrepreneur makes by running a successful business; the money left over after subtracting the cost from sales revenue.
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| Risk | The chance entrepreneurs take that a business will not be successful.
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| Demand | The number of products consumers are willing to buy at different prices.
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| Sales Revenue | The total amount of money a business receives from selling its products.
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| Price | The amount a consumer pays to buy a good or service and the amount a business receives when it sells a good or service.
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| Market Survey | A way to gain information about what consumers will buy at different prices.
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| Demand Curve | A graph showing the number of products consumers are willing and able to buy at different prices.
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| Law of Demand | The fact that consumers will buy more of a product when the price goes down and will buy less when the price goes up.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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