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Econ Basic Terms pt1 Flashcards | StudBud
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Econ Basic Terms pt1
Econ Basic Terms pt1
11 terms
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#economics
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
People try to satisfy their wants and _____.
Needs
Hunger
Dreams
Desires
2
The study of human action because of scarce resources.
Economy
Shortage
Social Studies
Economics
3
The type of economy we have in the United States.
Free Market
Traditional
Mixed
Command
4
The human element in the process of production.
Capital
Labor
Natural Resources
Entrepreneurship
5
A system of production and consumption.
supply
scarcity
the economy
a market
6
A person who risks capital to start a new business venture.
Economist
Engineer
Entrepreneur
Investor
7
An economic system in which the factors of production are held in private hands.
Capitalism
Communism
Traditional
Command
8
Another word for money or things bought with money.
Goods
Economics
Capital
Utility
9
The usefulness or satisfaction one gets from using a product.
Enjoyment
Happiness
Utility
Gratification
10
A type of economy in which customs decide who gets what and why.
Traditional
Mixed
Free Market
Command
11
The study of economics on a smaller scale.
Economics
Microeconomics
Capitalism
Macroeconomics
