Economics

What is economy?

• The landforms in our world and the way people adapt to them.

• A way to provide order and organization to a society.

• The decisions made about what goods and services to produce given the wealth and resources available

• The physical and organizational structures needed for the operation of a society.

Exchanging goods and services is called

• natural resources

• trade

• scarcity

• taxes

Having less of a good or service than what is immediately needed is called

• surplus

• scarcity

• economic pricing

• barter

Which of the following would be considered a natural resource?

• water

• trains

• store shelves

• farmer

Which of the following would be considered a natural resource?

• tractor

• waitress

• wood

• money

Which of the following would be considered a human resource?

• sunlight

• farmer

• chicken

• coal

Which of the following would be considered a human resource?

• water

• cotton

• truck

• store clerk

Which of the following would be considered a capital resource?

• tools

• electrician

• water

• wind

What is a good?

• Something that is produced or made

• A financial charge given to the government

• A task or activity that is done for you

• The exchange of one item for another

What is a service?

• Something that is produced or made

• The transferring of one item to a person in exchange for another item

• A task or activity that is performed (done) for you

• The collection of money to provide government support