BASIC TERMS 1
BASIC TERMS 2
BASIC TERMS 3
BASIC TERMS 4
TRIVIA
100
The total amount of a specific good or service that is available to consumers.
Supply
100
Things, such as food, clothing, etc. that are necessary for survival.
Needs
100
People who buy a good or service for their own use.
Consumers
100
What was the Land factor of production (a natural resource) used to build Thneeds in the Lorax animated movie?
The Truffala Tree
100
These languages evolved from Romanic late Latin and are now spoken in most Mediterranean countries and South America
Romance Languages
200
An economic group comprising those who do manual labor or work for wages
Labor
200
Things that are desired, but not needed for survival
Wants
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200
A person or a company that makes goods or provides services.
Producer
200
Where Supply meets Demand
Equilibrium
200
Plays demigod in Disney's Moana
Dwayne Johnson "The Rock" plays Maui in Disney's Moana
300
The quantity of goods or services that consumers will buy at a particular price.
Demand
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300
When there are not enough resources to meet the human needs or wants
Scarcity
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300
The amount that remains when use or need is satisfied.
Surplus
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300
Land, labor, entrepreneurship, and capital. These are the inputs needed for creating a good or service.
Factors of production
300
The jazz cat in the Aristocats who provides shelter to Thomas O'Malley, Duchess, and her kittens.
Scat Cat
400
Money spent to buy assets—physical tools, plants, and equipment—that allow for increased work productivity.
Capital
400
Objects that can be purchased, like food and clothing.
Goods
400
Natural resources like water, oil, copper, natural gas, coal, and forests.
Examples of LAND as a factor of production.
400
The most wanted alternative given up as the result of a decision.
Opportunity cost
400
France won the 2018 World Cup final against
Croatia
500
Anything that people use to make things or do work.
Resources
500
Work that a person does for another for money or a payment, such as teachers, doctors, and nurses.
Services
500
Falling short of an essential or desirable amount or number.
Shortage
500
Someone who manages, organizes, and takes on the risks and responsibilities of a business.
Entrepreneur
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500
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Italy