SOL 11a Economic Vocabulary

Items or actions (such as free samples or sales) that motivate you to change your economic behavior are called ____.

The inability to satisfy all your wants at the same time (since goods and services are limited) is called ____.

Factors of production used to make goods and services are called _____.

Hint: there are 4 kinds of these.

This is the name for resources that are found in the environment, such as water, wood, stone or cotton.

The cashiers at Target are this type of resource.

A tractor, a hammer or an assembly line are examples of this type of resource.

The idea for a new business, such as creating a new smart phone app, is this type of resource.

If you choose to buy a new shirt, then you can't buy a jumbo Blizzard at Dairy Queen. In this case, the ice cream is your ______.

A factory making new iPhones is an example of _____.

You buy a new pair of shoes and wear them to school. You pay for Netflix and watch a movie. You buy a shake at McDonald's and eat it. These are all examples of ______.