Economics (E1, E2, E3, E4)

________ are man-made resources used in producing good and services. (like buildings, tools, machines, and equipment)

• Natural resources

• Capital resources

• Human resources

• Demand

An ________ is someone who creates and operates their own business.

• entrepreneur

• worker

• supply

• demand

What is opportunity cost?

• making money

• making a profit

• a limited amount of a good or service

• choosing one good or service over another

Who does NOT collect taxes?

• The federal government

• The police

• The local government

• The state government

What are taxes?

• the money the government collects from individuals and businesses to pay for public goods and services

• the money that pays for someone to open their own business

• the money collected by the military

What is one thing that tax money does NOT help pay for?

• police

• schools

• private farm

• fire department

Which is not an example of a natural resource?

• wood

• water

• land

• tractor

Scarcity is _____?

• having plenty of goods and services to meet everyone's needs

• having a limited amount of a good or service

• having too much of a good or service

• having a lot of natural resources but no human resources

What is interdpendence?

• when people want to grow their own food

• when people only want to grow 1 thing

• When people depend on one another to meet their needs and wants

• when we export goods to another place

Which is NOT an example of a CAPITAL resource?

• tractors

• buildings

• tools

• humans