Economics Vocab, Part II

Question 1

A person, company, or country that makes, grows, or supplies goods/services for sale is a ____.

Accepted Answer

producer

Question 2

What is another title for a business owner?

Accepted Answer

Entrepreneur

Question 3

Someone who buys a good or service is called a ________.

Accepted Answer

consumer

Question 4

Another word for money (that we discussed in class) is ________.

Accepted Answer

capital

Question 5

Combining human, capital, natural, and entrepreneurship resource to make something is...

Accepted Answer

production

Question 6

What is the amount of money you exchange for a good or service?

Accepted Answer

Price

Question 7

When you select an item or action from a set of alternatives, what are you doing?

Accepted Answer

Making a choice

Question 8

Interaction of these two things determines the price...

Accepted Answer

supply and demand

Question 9

A person who takes a risk in search of a profit is called an _________.

Accepted Answer

entrepreneur

Question 10

Resources available and consumer preference determine what is made. What is this?

Accepted Answer

Production

Question 11

This refers to the commercial activity of buying and selling goods and services.

Accepted Answer

Marketplace

Questions 11