Economics

What is a good?

• Something that is not bad

• Something that is made or bought and you can touch

• A service someone provides for you

• A material found in nature

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

These productive resources are raw materials that come from nature or the earth that people use to make goods.

• Natural Resources

• Human Resources

• Capital Resources

These productive resources are goods made to produce for goods and provide more services.

• Natural Resources

• Human Resources

• Capital Resources

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which of the following are examples of services?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship

Which two countries would likely trade with each other?

• Two countries that are located far away from each other

• Two countries that both have the same population.

• Two countries who people both speak the same language.

• Two countries that each specialize in producing different goods.

A country has a surplus of oil, coal, and precious metals. In what industry should this country specialize?

• Agriculture and Farming

• Mining

• Technology

• Manufacturing

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources