Economics Chapter 1

Front

Tools we use to make products: capital resources, human resources, natural resources, entrepreneurs

Back

capital resources

Front

A person who buys goods and services

Back

consumer

Front

The making, buying and selling of goods and services

Back

economics

Front

Something we pay for that we can touch

Back

goods

Front

The place where goods and services are exchanged

Back

market

Front

What is a need?

Back

Something that is required for survival

Front

What is a want?

Back

Something you would like to have but don't need to live

Front

Which of the following is not a service? Options: Dry Cleaner, Car Wash, Clothes, Babysitter

Back

Clothes

Front

What is the most basic economic problem?

Back

Scarcity

Front

What do teachers get paid for?

Back

Their service (providing education)