Economics Midterm Review

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

A person who makes goods or provides a service 

• goods 
• service producer 
• producer
• consumer 

A crew of men are hired to paint a new house.  They are providing a ____

• service
• product
• specialization
• good

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Your teacher is providing a _______.

• good

• service

• commercial

• opportunity cost

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

another word for money

• barter
• economics
• currency
• price

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity