Economics Vocabulary Terms Quiz! Trivia

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1. Scarity

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 act of buying and selling

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Economics Vocabulary Terms Quiz! Trivia - Quiz

How much economics vocabulary do you know? Do you know that liquidity is the extent to which assets could rapidly be converted to cash? Another word used in economics is elasticity. It measures how much an economic factor changes in response to the other. If demand hits when prices are... see morelow but contract when prices are high, that is called elastic demand. You need to take this exceptional quiz on economics vocabulary. see less

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2. PPF

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 act of buying and selling

3. Opp Cost

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 act of buying and selling

4. Trade

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 act of buying and selling

5. Buying Shoes

Goods

Labor

6. Shoes Maker

Goods

Labor

7. Natural Resorce

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.

8. Market

Goods

Labor

The inputs used to make goods and services.

9. Circular-flow diagram

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

10. What does PFF mean

Production possibilities frontier

Producing Product Finally

11. Economic Growth

12. Labor

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.

13. Capital

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.

14. Enternerial

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.

15. Enternership

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

16. Property Rights

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

17. Law of Increase opp cost

Never straight

Always Straight

18. If property rights are not well enforced:

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.

19. Factor Market

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.

20. Product Market

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.

21. Absoulte Value

22. Comparative Value

23. Factors of Production

Goods

Labor

The inputs used to make goods and services.

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