Economics Review 1

The government issues currency and coins money to -

• help make the exchange of goods and services easier
• control the exchange of goods and services
• promote monopolies
• promote global trade

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Why would a business want to spend their money to invent new items?

• They can save money

• They will fix broken items

• They can buy cool goods

• They can make new goods to sell

Tags

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.1.1

CCSS.RL.2.1

CCSS.RL.3.1

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

Which choice best describes the economic problem of scarcity in the world?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

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 of the following is not one of the three basic questions economists try to solve?

• What should be produced?

• How should it be produced?

• Who gets what is produced?

• When should it be produced?