Economics QBA #1 Review

The study of resources such as money, materials, and labor

• Economics

• Producers

• Services

• Goods

What is a service?

• A job

• A need

• Something someone does for you

• Something you do for another person

What is a need?

• Nothing

• Something you have to have to live

• Something you would like to have but don't require to live

Which of the following is NOT a service?

• Dry cleaner

• Car wash

• Babysitter

• Clothes

People who make goods and supply services are

• Consumers

• Producers

• Servers

Trading something for something else - no currency involved

• Demand

• Goods

• Barter

• Market

Tools we use to make products.

• Capital resources

• Human resources

• Natural resources.

• Entrepreneurs

The using up of a resource.

• Scarcity

• Services

• Supply

• Consumption

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

• Resource

• Consumer

• Human resources

• Entrepreneur

The place where goods and services are exchanged.

• Barter

• Market

• Currency

• Resource