Economics

What is the process of making, harvesting, or creating something?

• Production

• Consumption

• Distribution

• Natural Resources

_____________ is when people use a specific good or service?

• Production

• Consumption

• Distribution

• Economist

The act of doing something for someone else is called?

• Service

• Natural Resource

• Economics

• Production

Something useful, merchandise

• Service

• Production

• Good

• Natural Resource

A person that sees a need and comes up with a plan to produce something and sell it to companies so they can make money is called an ______________________?

• Producer

• Economist

• Entrepreneur

• Natural Resource

What is a capital resource?

• Man-made tools and equipment used to make a product

• Water, Trees, Coal, Soil

• People that use a good or service

• A person that invents something to solve a problem

What does an economist do?

• Someone who studies plants and animals

• Someone who studies the government

• Someone who studies the production and distribution of goods and resources.

• Some one who creates art

Examples of Natural Resources are:

• scissors, glue and paper

• cars, trains, planes

• hammer, drill, saw

• water, air, trees, oil, natural gas, minerals

Examples of Hoosier Entrepreneurs

• Michael Jackson, Justin Timberlake, Lady Gaga

• James Oliver, Eli Lilly, Colonel Harland David Sanders, Madame CJ Walker

• President George W. Bush, President Barack Obama, President Donald J.Trump

• Mrs. Morgan, Mrs. Todd, Miss Amber, Ms. Shrader

The price of a good rises or falls depending on how many people want it. What is this called?

• Production

• Supply and Demand

• Entrepreneur

• Economist