4th Economics Review

A person who buys goods or services.

• consumer

• producer

• goods

• services

A person who makes or sells goods and services

• consumer

• producer

• natural resources

• human resources

Things that are made or grown and then sold

• natural resources

• human resources

• goods

• services

When someone helps or does the work for someone else.

• goods

• services

• incentive

• supply

Resources found in the natural environment

• human resources

• natural resources

• capital resources

• renewable resources

The people who work for a company

• human resources

• natural resources

• capital resources

• supply

True or False: Specialization and division of labor lead to higher productivity.

• True

• False

True or False: An assembly line is an example of division of labor.

• True

• False

True or False: High demand = higher prices

• True

• False

True or False: Low demand = higher prices

• True

• False