Economics

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

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 person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RL.11-12.2

CCSS.RI.7.2

CCSS.RL.7.1

CCSS.RL.7.2

CCSS.RL.8.1

another word for money

• barter
• economics
• currency
• price

How much people want something

• supply
• demand

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

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

• resource
• human resources
• consumer
• entrepreneur