Economics Vocab
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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| Opportunity Cost | What is given up by doing one thing instead of another
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| Productive Capacity | The total amount of things that a group of people can produce
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| Technology | Special knowledge of how to make or do something
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| Capital Goods | Complex tools needed for making things
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| Specialization | To do one thing very well
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| Division of Labor | Different workers do different jobs to make a product
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| Assembly Line | A product rolls past each worker; each worker performs his or her specialized job
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| Price | Includes how much a product costs and how difficult it is to get
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| Scarcity | When a product is hard to get
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| Surplus | When a product is easy to get
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| Free Market | People can trade with each other almost at any time and in any way that they both agree
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| Voluntary Exchange | People can buy what they want and sell what they want
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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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