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Economics Terms Definitions

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Questions and Answers

What is the difference between a need and a want?

A need is something you have to buy, while a want is something you can choose to buy.
A need and a want are the same thing, just different words for the same concept.
A need is something you cannot live without, while a want is something you would like to have but don't necessarily need to survive. (correct)
A need is something you want, while a want is something you need to survive.

Which of the following is an example of a capital resource?

Sunshine
A computer (correct)
A carpenter
Water

What is the opportunity cost of choosing to buy a new car?

The cost of the car itself
The time it takes to research and purchase the car
The money you could have saved instead
The other things you could have bought with the same amount of money (correct)

Which of the following is an example of a service?

A haircut (B) Signup and view all the answers

What is the difference between an import and an export?

Imports are goods purchased from other countries, while exports are goods sold to other countries. (A) Signup and view all the answers

What is the relationship between supply and demand?

Supply and demand are inversely related, meaning that as supply increases, demand decreases. (C) Signup and view all the answers

What economic concept refers to the freedom of private businesses without government control?

Market economy (C) Signup and view all the answers

Which term describes businesses that make or sell similar products?

Industry (A) Signup and view all the answers

What does the term 'voluntary exchange' refer to in an economy?

Exchanging goods or currency willingly (A) Signup and view all the answers

Which invention is attributed to Thomas Edison?

Lightbulb (B) Signup and view all the answers

What does industrialization involve?

Building more factories and increasing production speed (C) Signup and view all the answers

What is the primary purpose of a price system in a market?

Show how much customers value goods (C) Signup and view all the answers