Economic & Management Science

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.

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

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 and make more money

True /False? Shelter is a want.

• True

• False

What is capital?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• money or goods used to start a business

What is demand?

• the amount of an item you have

• how many people want your good/service

• the money you have left over after you paid your bills

• none of these

What is profit?

• When Total Expenses are lower than Total Income

• how many people want your good/service

• the amount of an item you have

• none of these

What does it mean when you save money?

• You buy a new outfit.

• You put money away for later.

• You invent a new good.

• You give money to help animals.

COVID 19 is health epidermic _______. TRUE/FALSE

• true

• false

Before the invention of money people used _______ as payment.

• cowrie shells

• special metals

• cattle

• EFT