Basic Economics

____________ are the products made in an economy. 

• Goods

• Services

• Consumption

______________________ are provided to you by a company. 

• Consumption

• Goods

• Services

____________________ is the amount of a good that a company has. 

• Supply

• Demand

• Good

__________________ is the willingness and desire of a peson to buy a good. 

• Supply

• Service

• Demand

What is the fundamental problem of economics? 

• How to keep consumers out of debt?

• How to fulfill our unlimited wants and needs with limited resources?

• How to figure out the way to make the most money?

• How do we ensure all people get a college education?

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

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 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