Economics Basics Vocab #1

Question 1

Which of the following items would not be considered a good?

Accepted Answer

Painting A House

Question 2

_____________________ are items that people desire to have but they don't necessarily need

Accepted Answer

Wants

Question 3

Which of the following items would not be considered a good?

Accepted Answer

Real Estate Agent

Question 4

____________ are things that are produced or manufactured that people can buy and use (Examples: Dodge Rams & Kit Kats)

Accepted Answer

Goods

Question 5

_____________________ are anything that is used to produce a good.

Accepted Answer

Resources

Question 6

Which of the following items would not be considered a good?

Accepted Answer

Washing Someone's Car

Question 7

is the study of money and how people use it. Or how people make choice with their buying, selling, using resources

Accepted Answer

Economics

Question 8

_____________________ are those things people must have in order to survive in the world.

Accepted Answer

Needs

Question 9

Which of the following items would not be considered a service?

Accepted Answer

Nintendo Switch

Question 10

What's the difference between human resources and natural resources?

Accepted Answer

Human: labor, skills, efforts of people, Natural: land, materials, minerals

Question 11

When there is a limited number of resources people both want and need, which impacts people’s economic choices.

Accepted Answer

Scarcity

Question 12

Which of the following items would not be considered a service?

Accepted Answer

Car Engine

Questions 12