Question

review economic terms
match the terms with the definitions. some terms will not be used.

1. an item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants
2. the means by which buyers and sellers carry out exchange
3. the broad category of human efforts, both physical and mental, used to produce goods and services.
4. the value of the best alternative passed up for the chosen item or activity
5. the study of how people use their scarce resources to satisfy their unlimited wants
6. all human creations used to produce goods and services
7. something not physical that requires scarce resources to produce and satisfies human wants
8. a profit - seeker who develops a new product or process and assumes the risk of profit or loss
9. so - called gifts of nature used to produce goods and services
10. incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo

a. capital goods
b. economics
c. entrepreneurd. goode. human resourcesf. marginalg. marketsh. natural resourcesi. opportunity costj. productive resourcesk. scarcityl. servicem. sunk cost

Explanation:

To solve this matching problem, we analyze each definition and match it with the corresponding term:

1. An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants

This describes a tangible product. The term is d. good

2. The means by which buyers and sellers carry out exchange

This refers to the platform/mechanism for trade. The term is g. markets

3. The broad category of human efforts, both physical and mental, used to produce goods and services

This describes human labor/effort. The term is e. human resources

4. The value of the best alternative passed up for the chosen item or activity

This is the definition of opportunity cost. The term is i. opportunity cost

5. The study of how people use their scarce resources to satisfy their unlimited wants

This is the definition of economics. The term is b. economics

6. All human creations used to produce goods and services

This refers to man - made tools/equipment for production. The term is a. capital goods

7. Something not physical that requires scarce resources to produce and satisfies human wants

This describes an intangible offering. The term is l. service

8. A profit - seeker who develops a new product or process and assumes the risk of profit or loss

This is the definition of an entrepreneur. The term is c. entrepreneur

9. So - called “gifts of nature” used to produce goods and services

This refers to natural resources. The term is h. natural resources

10. Incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo

This is the definition of marginal. The term is f. marginal

Final Matches:

1. d. good
2. g. markets
3. e. human resources
4. i. opportunity cost
5. b. economics
6. a. capital goods
7. l. service
8. c. entrepreneur
9. h. natural resources
10. f. marginal

Answer:

To solve this matching problem, we analyze each definition and match it with the corresponding term:

1. An item you can see, feel, and touch that requires scarce resources to produce and satisfies human wants

This describes a tangible product. The term is d. good

2. The means by which buyers and sellers carry out exchange

This refers to the platform/mechanism for trade. The term is g. markets

3. The broad category of human efforts, both physical and mental, used to produce goods and services

This describes human labor/effort. The term is e. human resources

4. The value of the best alternative passed up for the chosen item or activity

This is the definition of opportunity cost. The term is i. opportunity cost

5. The study of how people use their scarce resources to satisfy their unlimited wants

This is the definition of economics. The term is b. economics

6. All human creations used to produce goods and services

This refers to man - made tools/equipment for production. The term is a. capital goods

7. Something not physical that requires scarce resources to produce and satisfies human wants

This describes an intangible offering. The term is l. service

8. A profit - seeker who develops a new product or process and assumes the risk of profit or loss

This is the definition of an entrepreneur. The term is c. entrepreneur

9. So - called “gifts of nature” used to produce goods and services

This refers to natural resources. The term is h. natural resources

10. Incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo

This is the definition of marginal. The term is f. marginal

Final Matches:

1. d. good
2. g. markets
3. e. human resources
4. i. opportunity cost
5. b. economics
6. a. capital goods
7. l. service
8. c. entrepreneur
9. h. natural resources
10. f. marginal