Intro to Economics
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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| capital | show 🗑
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| show | goods used to make or transport other
goods and services Examples: tools; machinery; factories;
facilities for storing, transporting, and
selling goods
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| show | an individual who buys and uses goods
and services
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| show | goods used for personal needs and
wants Examples: clothing, food, appliances,
automobiles
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| show | the amount of goods or services that
consumers are willing and able to buy at
a given price
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| show | goods that are not used up and do not
quickly wear out after they are
purchased Examples: automobiles, appliances,
furniture
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| show | payment that people receive for the use
of resources that they own or control
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| show | the study of people trying to satisfy
their wants in a world of scarcity
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| efficient | show 🗑
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| show | an individual who creates something
new and earns a profit by combining
land, labor, and capital resources to
produce goods and services
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| entrepreneurship | show 🗑
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| show | money used to buy factors of production
Examples: tools, machinery, buildings
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| goods | show 🗑
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| labor | show 🗑
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| show | the geographic territory and natural
resources that go into the making of
goods and services Examples: fields, forests, minerals, water
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| show | goods or services considered essential to
a person’s well-being; a need
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| needs | show 🗑
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| nondurable goods | show 🗑
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| opportunity cost | show 🗑
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| show | 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
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| show | limited resources for production in
relation to wants for goods and services
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| show | 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
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| show | the amount of goods or services that
consumers are willing and able to
produce at a given price
🗑
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| show | giving up one thing to gain another
when economic goals are in conflict
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| show | goods and services that a consumer may
desire or want to buy but that are not
necessities
🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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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