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Review Economic Term
First Quiz
Question | Answer |
---|---|
Capital Goods | All human creations used to produce goods and services |
Economics | The study of how people use their scarce resources to satisfy their unlimited wants |
Entrepreneur | A profit-seeker who develops a new product or process and assumes the risk of profit or loss |
Good | An item you can see, feel, and touch that requites scarce resources to produce and satisfies human wants |
Human Resources | The broad category of human efforts, both physical and mental, used to produce goods and services |
Marginal | incremental, additional, extra, or one morel refers to a change in an economic variable, a change in the status quo |
Market | The means by which buyers and sellers carry out exchange |
Natural Resources | so-called "gifts of nature" used to produce goods and services |
Opportunity Cost | The value of the best alternative passed up for the chosen item or activity |
Service | something not physical that requires scarce resources to produce and satisfies human wants. |