Economics

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

Why would a business want to spend their money to invent new items?

• They can save money

• They will fix broken items

• They can buy cool goods

• They can make new goods to sell

Tyler wants to help homeless people. He decides to get friends together to put together boxes with supplies in them. Tyler and his friends then give the supply boxes to people in need. What are they doing?

• They are spending the supplies.

• They are donating the supplies.

• They are earning the supplies.

• They are borrowing supplies.

What is supply?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is profit?

• the money you have left over after you paid your bills

• how many people want your good/service

• the amount of an item you have

• none of these

What does it mean when you save money?

• You buy a new outfit.

• You put money away for later.

• You invent a new good.

• You give money to help animals.

Opal saved money in the bank. From doing this, she earned _______.

• Interest

• Invest

Some companies _______ in inventions that will help them compete with other companies.

• Interest

• Invest