Economics 1

Economics is . . .

• the study of how different items are sold in foreign countries.

• the study of how people make and spend money by buying and selling goods and services.

• the study of people and the environment.

• the study of money spent through agricultural practices.

Goods are . . .

• items that have a positive impact on the economy.

• items that have a negative impact on the economy.

• the actual products people buy and sell.

• are services provided by producers.

Services are . . .

• an action or work that provides to help someone.

• an actual item that you can buy or sell.

• things that are positive for the economy.

• things that are negative for the economy.

In order to produce goods and services, what must be used?

• transportation

• productive resources

• economics

• literature

Things that are found in nature such as air, water, wood, wind, iron, etc are examples of what?

• Productive resources

• Natural resources

• Capital resources

• Human resources

The people who work to earn money while producing goods and services are . . .

• Productive resources

• Natural resources

• Capital Resources

• Human resources

Products used to create other products are . . .

• Productive resources

• Human resources

• Capital resources

• Natural resources

An incentive is . . .

• something that is offered to help you make economic decisions.

• a bribe.

• something producers order to have manufactured.

• the experience of making a purchase.

Offers rewards for choices . . .

• positive incentive

• negative incentive

Offers a consequence for choices . . .

• positive incentive

• negative incentive