name
date: vocabulary quiz
(human capital) (scarcity) (land)
1. (a) natural resources on or under the ground that can be used.
(b) products (goods and services).
2. (limited) resources to meet (unlimited) demands.
3. (knowledge and skills that enable a worker to be productive)

economics (goods) (labor)
4. (all the human time, effort, and talent used to produce
goods and services).
5. (the study of how people choose to use their (limited)
resources).
6. (physical objects such as food, clothing, and furniture)

entrepreneur (trade - offs) (marginal cost)
7. (the alternative someone gives up when making an
economic choice)
8. (the additional cost of producing one more using of a good)
9. (the combination of vision, skill, ingenuity, and willingness
to take risks that is needed to create and run a new
business)

physical capital (services) (factors of production)
10. (human - made objects used to create other goods
and services)
11. (the economic resources needed to produce goods and
services)
12. (work that one person does for another for payment)

Question

name
date: vocabulary quiz
(human capital) (scarcity) (land)
1. 				(a) natural resources on or under the ground that can be used.
				(b) products (goods and services).
2. 				(limited) resources to meet (unlimited) demands.
3. 				(knowledge and skills that enable a worker to be productive)

economics 		(goods) 	(labor)
4. 				(all the human time, effort, and talent used to produce
				goods and services).
5. 				(the study of how people choose to use their (limited)
				resources).
6. 				(physical objects such as food, clothing, and furniture)

entrepreneur 		(trade - offs) 	(marginal cost)
7. 				(the alternative someone gives up when making an
				economic choice)
8. 				(the additional cost of producing one more using of a good)
9. 				(the combination of vision, skill, ingenuity, and willingness
				to take risks that is needed to create and run a new
				business)

physical capital 		(services) 	(factors of production)
10. 				(human - made objects used to create other goods
				and services)
11. 				(the economic resources needed to produce goods and
				services)
12. 				(work that one person does for another for payment)

Accepted Answer

# Brief Explanations:
Match each definition to the corresponding economic term from the provided word banks by identifying the core concept of each definition.
1.  Identify the term for underground natural resources.
2.  Identify the term for limited resources vs unlimited wants.
3.  Identify the term for worker knowledge/skills.
4.  Identify the term for human effort in production.
5.  Identify the term for the study of resource choices.
6.  Identify the term for physical tangible items.
7.  Identify the term for forgone alternatives in choices.
8.  Identify the term for extra cost of one more unit.
9.  Identify the term for new business risk-takers.
10. Identify the term for man-made production tools.
11. Identify the term for production resources.
12. Identify the term for paid work for others.

# Answer:
1.  Land
2.  Scarcity
3.  Human Capital
4.  Labor
5.  Economics
6.  Goods
7.  Trade-offs
8.  Marginal Cost
9.  Entrepreneur
10. Physical Capital
11. Factors of Production
12. Services

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