Economics

Someone who provides a good or a service is a

• Human

• Consumer

• Producer

• Henry Ford

Scarcity is when

• there is a low supply of a product

• there is too much of a product

• no one wants a product

• someone scares you

Workers are paid _______ for the work they do.

• profits

• wages

• dollars

• overhead

A form of trade in which goods and services are traded for something other than money is called

• gypsy trading

• bribing

• goods

• bartering

Someone who buys a good or a service is

• lazy

• a consumer

• a producer

• an entrepreneur

Profit is

• the money left over after all the business overhead has been paid

• the money given to workers for doing their job

• a well-fitting suit

• the money someone has in their bank

To ___________ means to buy goods and services from sellers in other countries.

• import

• export

• trade

• barter

To __________ means to sell goods and services to other countries.

• import

• export

• trade

• barter

Overhead is

• a ceiling over your head

• the extra money you make and get to keep

• what you're paid for doing a job

• the money needed to run a business

Henry Ford used what kinds of materials in his factory?

• Human Resources

• Raw Materials (natural resources)

• Robots

• Capital Resources