Exam Economics LT#3

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 is an example of a capital resource?

• boats
•  timber (wood)
• physicians
• merchants

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

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

• resource
• human resources
• consumer
• entrepreneur

The resources required to make a product (good or service)

• economics
• consumption
• four factors of production
• scarcity

Something we pay for that we can touch

• goods
• services

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

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

The skills, knowledge, and experience of an individual or population.

• capital goods

• entrepreneurship

• human capital

• GDP