Economics Understandings Study Guide

Water, air, clothing, food, and shelter are _____________ that we must have in order to survive

• wants

• needs

• resources

• taxes

_________________ are something that a country has to help increase its productivity or wealth.

• wants

• resources

• needs

• taxes

_______________ resources are the workers that make the goods or provide the services.

• Natural

• Capital

• Human

• Interrelated

_____________ resources are the tools that are produced to help human resources produce more goods.

• Natural

• Capital

• Human

• Interrelated

Fossil fuels would be considered _____________________ resources since they come from nature.

• natural

• capital

• human

• interrelated

____________ are the people that buy or purchase goods and services.

• Services

• Goods

• Consumers

• Producers

People that make or produce goods are called _________________.

• services

• goods

• consumers

• producers

A teacher provides ___________ to his or her students.

• services

• goods

• consumers

• producers

A farmer provides __________ such as vegetables for the consumer to buy.

• services

• goods

• consumers

• producers

When a new item, such as a Smartphone, is in high demand by consumers, the price will be ______.

• low

• high

• average

• free