Question 1

capital

Accepted Answer

goods used to produce other goods and
services; it can also mean financial capital
or money  Examples: tools, machinery, buildings,
money

Question 2

capital goods

Accepted Answer

goods used to make or transport other
goods and services  Examples: tools; machinery; factories;
facilities for storing, transporting, and
selling goods

Question 3

consumer

Accepted Answer

an individual who buys and uses goods
and services

Question 4

consumer goods

Accepted Answer

goods used for personal needs and
wants  Examples: clothing, food, appliances,
automobiles

Question 5

demand

Accepted Answer

the amount of goods or services that
consumers are willing and able to buy at
a given price

Question 6

durable goods

Accepted Answer

goods that are not used up and do not
quickly wear out after they are
purchased  Examples: automobiles, appliances,
furniture

Question 7

economic rent

Accepted Answer

payment that people receive for the use
of resources that they own or control

Question 8

economics

Accepted Answer

the study of people trying to satisfy
their wants in a world of scarcity

Question 9

efficient

Accepted Answer

getting the job done with the least
amount of effort; producing the most
with the least amount of resources

Question 10

entrepreneur

Accepted Answer

an individual who creates something
new and earns a profit by combining
land, labor, and capital resources to
produce goods and services

Question 11

entrepreneurship

Accepted Answer

special talent some people have for
searching out new business
opportunities and developing new
products and new ways of doing things

Question 12

financial capital

Accepted Answer

money used to buy factors of production
Examples: tools, machinery, buildings

Question 13

goods

Accepted Answer

items that can be bought or sold that are
tangible (you can actually hold them in
your hands) and provide satisfaction;
sometimes referred to as products

Question 14

labor

Accepted Answer

human effort, both mental and physical,that goes into the making of goods and
services

Question 15

land

Accepted Answer

the geographic territory and natural
resources that go into the making of
goods and services  Examples: fields, forests, minerals, water

Question 16

necessity

Accepted Answer

goods or services considered essential to
a person’s well-being; a need

Question 17

needs

Accepted Answer

goods and services that are necessities
Examples: food, clothing, shelter, medical
care

Question 18

nondurable goods

Accepted Answer

goods that are used up or quickly wear
out after they are purchased
Examples: gasoline, food, clothing

Question 19

opportunity cost

Accepted Answer

whatever is given up to get something
in return

Question 20

resources

Accepted Answer

anything used to produce goods and
services; also known as factors of
production or productive resources
Examples: land (minerals, timber, rivers);
labor; capital
(machinery, buildings); and some
economists consider entrepreneurship

Question 21

scarcity

Accepted Answer

limited resources for production in
relation to wants for goods and services

Question 22

services

Accepted Answer

activities performed for others for
money; things that people want done
for them but are unwilling or unable to
do for themselves  Examples: teaching, selling

Question 23

supply

Accepted Answer

the amount of goods or services that
consumers are willing and able to
produce at a given price

Question 24

trade-off

Accepted Answer

giving up one thing to gain another
when economic goals are in conflict

Question 25

wants

Accepted Answer

goods and services that a consumer may
desire or want to buy but that are not
necessities

PASS Chp. 1

Intro to Economics

Term	Definition
capital	goods used to produce other goods and services; it can also mean financial capital or money Examples: tools, machinery, buildings, money
capital goods	goods used to make or transport other goods and services Examples: tools; machinery; factories; facilities for storing, transporting, and selling goods
consumer	an individual who buys and uses goods and services
consumer goods	goods used for personal needs and wants Examples: clothing, food, appliances, automobiles
demand	the amount of goods or services that consumers are willing and able to buy at a given price
durable goods	goods that are not used up and do not quickly wear out after they are purchased Examples: automobiles, appliances, furniture
economic rent	payment that people receive for the use of resources that they own or control
economics	the study of people trying to satisfy their wants in a world of scarcity
efficient	getting the job done with the least amount of effort; producing the most with the least amount of resources
entrepreneur	an individual who creates something new and earns a profit by combining land, labor, and capital resources to produce goods and services
entrepreneurship	special talent some people have for searching out new business opportunities and developing new products and new ways of doing things
financial capital	money used to buy factors of production Examples: tools, machinery, buildings
goods	items that can be bought or sold that are tangible (you can actually hold them in your hands) and provide satisfaction; sometimes referred to as products
labor	human effort, both mental and physical,that goes into the making of goods and services
land	the geographic territory and natural resources that go into the making of goods and services Examples: fields, forests, minerals, water
necessity	goods or services considered essential to a person’s well-being; a need
needs	goods and services that are necessities Examples: food, clothing, shelter, medical care
nondurable goods	goods that are used up or quickly wear out after they are purchased Examples: gasoline, food, clothing
opportunity cost	whatever is given up to get something in return
resources	anything used to produce goods and services; also known as factors of production or productive resources Examples: land (minerals, timber, rivers); labor; capital (machinery, buildings); and some economists consider entrepreneurship
scarcity	limited resources for production in relation to wants for goods and services
services	activities performed for others for money; things that people want done for them but are unwilling or unable to do for themselves Examples: teaching, selling
supply	the amount of goods or services that consumers are willing and able to produce at a given price
trade-off	giving up one thing to gain another when economic goals are in conflict
wants	goods and services that a consumer may desire or want to buy but that are not necessities

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