Basic Economics

What is an entrepreneur

• the exchange of goods or services

• a person who starts a new business hoping to make a profit

• the work that people do when producing goods or services

• a type of business

What is an investor?

• a person who tries to make a profit, they give $ to business or projects first. It takes $ to make $

• something made or gathered from nature to use or sell

• the way you save, spend and earn money

• none of above

A Producer does what?

• tries to make a profit

• makes goods and services

What is a consumer?

• makes goods or service

• something made or gathered from nature

• uses money that you earn

• buys, then uses up a good or service

Natural resources are

• something found in nature that satisfies our wants and needs (like a tree cut down for timber)

• the amount of goods and services people are willing to buy at a specific time

• the work that people do in nature

• making goods or service

Human Resources are

• makes goods or service

• the amount of goods and services people are willing to buy at a specific time

• found in people, like their skills and ideas

• the work that people do when producing goods or services

A Good is

• something found in nature that satisfies our wants and needs

• money

• something made or gathered from nature to use or sell (like paper)

• None of above

A Service is

• something people don't do for others

• something people do for other people (like pick up their trash)

When you have INCOME, you have

• money that you earned (used to buy a good or service)

• money that you have given away to others

• money that you have place in the bank

• None of above

The amount of goods or services available to sell at a given time is called______________