Economic's Vocab Part 1

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1.
2 points
____________ are tangible (you can touch it) products we can buy
2.
2 points
__________________ is a company that makes goods and/or delivers services
3.
2 points
What is the acronym used for Gross Domestic Product?
4.
2 points
________________ is when different people perform different jobs to achieve greater efficiency
5.
1 point
A want is something that we have to have.
6.
2 points
__________ The total dollar value of ALL final Goods and Services
produced in a country in a year.
7.
2 points
___________ is work that is performed for others
8.
1 point
Our needs and want will come to an end one day.
9.
1 point
Which is not a factor of production?
10.
1 point
Which item below is not included in opportunity cost?
11.
1 point
Scarcity is when:
12.
2 points
_____________________ is the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.
13.
1 point
The #1 factor of Capitalism is:
14.
2 points
people who buy goods and services are called __________________
15.
1 point
The two catagories of Economics are:
16.
2 points
_______________ is how much we buy
17.
1 point
The official definition of Opportunity cost is:
18.
1 point
Opportunity Costs are also known as "trade-offs"
19.
2 points
_______________ is the dividing up of production so that Goods are produced efficiently
20.
1 point
Which below is not one of the three parts of production?