Economics Vocabulary Terms Quiz! Trivia

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

The act of buying and selling

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

The act of buying and selling

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

The act of buying and selling

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

The act of buying and selling

Never straight

Always Straight

Production possibilities frontier

Producing Product Finally

The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

Markets for goods—such as computers—and services—such as medical treatment.

Markets for the factors of production, such as labor, capital, natural resources, and

The inputs used to make goods and services.

A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

Markets for goods—such as computers—and services—such as medical treatment.

Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.

The inputs used to make goods and services. The inputs used to make goods and services.

A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

Goods

Labor

Goods

Labor

All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

Goods

Labor

The inputs used to make goods and services.

A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

Goods

Labor

The inputs used to make goods and services.

A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade. A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

Fewer goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.

goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.