Economics Review

What is the study of the way goods and services are made and used?

• market

• geography

• economics

Where buyers and sellers exchange goods and services.

• government

• economics

• market

People who produce goods and services.

• producer

• consumer

• market

What you give up when making a decision.

• long term goal

• opportunity cost

• producer

Lack of available resources.

• services

• scarcity

• goods

Resources that come from nature: water, soil, trees, coal, etc.

• natural resources

• scarcity

• market

Someone who buys or uses goods and services.

• producer

• services

• consumer

Products that can be bought and sold.

• producer

• goods

• services

Work that is done by others.

• services

• consumer

• economics

Which of the following is a good thing about globalization?

• More variety of products and competition

• Increased warfare

• moving jobs to laces with no minimum wage

• loss of global culture