Economics Vocabulary

Question 1

One who buys goods or uses services is a ___.

Accepted Answer

consumer

Question 2

Amount of goods and services that buyers are willing & able to purchase at a certain time is _.

Accepted Answer

demand

Question 3

All natural resources (mineral, water, raw materials) are called ___.

Accepted Answer

land

Question 4

Payments received by households, businesses, and governments that may be spent or saved are__.

Accepted Answer

income

Question 5

Human made goods that are used to produce other goods are __.

Accepted Answer

capital

Question 6

Items of ownership; resources of a person or business is ___.

Accepted Answer

assets

Question 7

A person who makes the decisions about the production of goods and services.

Accepted Answer

entrepreneur

Question 8

Each country needs the other countries to meets needs and wants of their people is ___.

Accepted Answer

interdependent

Question 9

Upward movement of prices resulting in a reduced amount goods that can be purchased is __.

Accepted Answer

inflation

Question 10

Efforts among companies to win more business in called __.

Accepted Answer

competition

Question 11

Goods, services, and capital assets purchased from other countries are __.

Accepted Answer

imports

Question 12

The way work tasks are separated.

Accepted Answer

division of labor

Question 13

Objects that can satisfy human wants are __.

Accepted Answer

goods

Question 14

Goods, services, and capital assets sold to other countries are called ___.

Accepted Answer

exports

Question 15

Accumulated skill, knowledge, and expertise of workers is __.

Accepted Answer

human resources

Question 16

When people own and run their own business that is called __.

Accepted Answer

free enterprise

Questions 16