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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| capital goods | show 🗑
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| consumer | show 🗑
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| consumer goods | show 🗑
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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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| durable goods | show 🗑
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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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| show | 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
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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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| show | goods and services that are necessities
Examples: food, clothing, shelter, medical
care
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| nondurable goods | show 🗑
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| show | whatever is given up to get something
in return
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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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| scarcity | show 🗑
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| services | show 🗑
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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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| wants | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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.
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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