Intro to economics

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

How much people want something

• supply
• demand

What does scarcity mean?

Example: Over-fishing can result in a scarcity of a type of fish.

• too many resources

• not enough resources

• an unknown amount of resources

Economics is the study of economies, or, how people in a society get...

• trade goods

• products and services

• work and income (money)

• mediums of exchange

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

Forests are examples of...

• Land
• Labor
• Entrepreneurs
• Capital