Set: Econs Section I Test

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All 10 Terms

Term Definition
opportunity cost the best alternative forgone when a choice is made
economies of scale lower average costs resulting from producing on a larger scale
economic resources the natural, human, and capital resources that are used to produce goods and services; also called factors of production
capital goods man-made products used to make other goods
consumer goods goods which give immediate satisfaction, goods (as food or clothing) intended for direct use or consumption
scarcity not having enough resources to meet all wants
productivity output per worker, per hour
specialisation concentration on a narrow range of products or tasks
consumers buyers and users of products
producers are people who make goods or provide services

Set Information

Terms 10
Creator ebrock
Created April 7, 2008
Groups None
Tags economics, gr, 11
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Most Missed Words

  1. specialisation → concentration on a narrow range of products or tasks - 10 misses
  2. economic resources → the natural, human, and capital resources that are used to produce goods and services; also called factors of production - 9 misses
  3. economies of scale → lower average costs resulting from producing on a larger scale - 8 misses
  4. opportunity cost → the best alternative forgone when a choice is made - 7 misses
  5. capital goods → man-made products used to make other goods - 7 misses
  6. consumers → buyers and users of products - 7 misses
  7. productivity → output per worker, per hour - 6 misses