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Basic Economic Terms Flashcards | StudBud
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Basic Economic Terms
Basic Economic Terms
13 terms
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Practice Economic Terms
Flashcards
13 cards
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Questions
13
Answers
1
Materials, energy, workers, knowledge are all examples of…
Entrepreneurship
Labor
Resources
Scarcity
2
Using resources to create new goods and services
Land
Capital
Labor
Entrepreurship
3
Multiple Parties exchanging goods or services
Laws
Trade
Cooperation
Resources
4
Natural resources used to make goods and services
Capital
Services
Goods
Land
5
Some blame the water problem in California on the excessive unsustainable practices of who
Government
Education
Agriculture
Fishing
6
In the resource scarcity game, land was represented with....
Glue
Paper
Folder
Ruler
7
Productive activity for economic gain
Capital
Labor
Entrepreneur
Scarcity
8
In the Resource Scarcity Game, Entrepreneurship was represented by...
Creativity of your Design
The goods you created
How you used your resources
Your Ideas
9
Unlimited human wants in a world with limited resources
Trade
Capital
Scarcity
Waste
10
In the Resource Scarcity Game, Labor was represented by...
Students
Scissors
Trade
Glue
11
Roughly one gallon of water is required to grow...
1 pound of almonds
1 almond
100 almonds
1 ounce of almonds
12
In the Resource Scarcity Game, Capital was represented by...
Ruler
Glue
Scissors
Paper
13
Manmade resources used to create other goods and services
Labor
Energy
Land
Capital
