Producers and Consumer Review

Economics Review

Multiple Choice

Economics is the study of how we use money and resources. True or False

• True

• False

Multiple Choice

Producers grow or create products to sell to consumers. True or False.

• True

• False

Multiple Choice

What is the MAIN reason producers produce or grow goods?

• to sell the public for profit (money)

• they like to grow things

• to use all of the goods themselves

Multiple Choice

Consumers are individuals (like you and me) that buy goods and services. True or False

• True

• False

Multiple Choice

How can a business be both a producer and a consumer?

• Businesses consume or buy goods and services in order to make goods and services

• All businesses provide only services

Poll

As a consumer, which brand are you most likely to buy?

• Nike

• Jordans

• Adidas

• Converse

Multiple Select

Select the items or objects that would be considered "goods"

Multiple Select

Select the pictures that show someone completing a service

Multiple Choice

What is a personal budget?

• A plan that says to spend all of your money at once

• A plan for how you use the money you make (income) and the amount of money you spend (expenses)

Multiple Choice

Jaelin earns $20 a week for his chores. He is trying to buy the new PlayStation 5. He asked his mom to buy it for him, but she said he should earn it on his own. What should Jaelin do?

• Spend his weekly allowance and forget about the game

• Create a personal budget, or a plan to save his money until he has enough for the PlayStation5

• Ask his grandparents for the money instead