Economics

EARNING AN INCOME MEANS THAT YOU TRADE YOUR TIME AND EFFORT FOR MONEY

• TRUE

• FALSE

GOOD AND SERVICES ARE THINGS PEOPLE BUY

• TRUE

• FALSE

NEEDS ARE THE MOST IMPORTANT THINGS PEOPLE SPEND MONEY ON

• TRUE

• FALSE

PEOPLE MAKE CHOICES ABOUT WHAT THEY BUY BECAUSE THEY HAVE A LIMITED AMOUNT OF MONEY

• TRUE

• FALSE

PEOPLE CAN HAVE ALL OF THE GOODS AND SERVICES THEY WANT

• TRUE

• FALSE

OPPORTUNITY COST IS WHEN YOU GET A CHANCE TO BUY SOMETHING ON SALE

• TRUE

• FALSE

PRODUCERS AND CONSUMERS ARE ALWAYS TWO DIFFERENT PEOPLE

• TRUE

• FALSE

RESOURCES ARE THINGS THAT YOU USE TO MAKE GOODS AND PROVIDE SERVICES(WORK)

• TRUE

• FALSE

PEOPLE HAVE TO TRADE WITH OTHERS BECAUSE THEY CANNOT PRODUCE(MAKE) EVERYTHING THAT THEY WANT THEMSELVES

• TRUE

• FALSE

SCARCITY MEANS THAT YOU HAVE TOO MUCH OF SOMETHING AND YOU WANT TO GET RID OF IT

• TRUE

• FALSE