Economics Review 2nd Grade

When a producer does not have enough of a good or service to sell, this is called:

• limited resource

• income

• wants

• demand

Things that are necessary to live (example: food, water, shelter)

• goods

• wants

• needs

• job

Someone that buys a good or a service

• producer

• consumer

• job

• bank

Things you can touch and buy (products, merchandise)

• supply

• needs

• goods

• income

Useful work that does not provide any goods

• job

• producer

• services

• demand

Someone or a company that makes goods

• producer

• bank

• consumer

• job

Things that you wish for but do not need

• goods

• services

• scarcity

• wants

The exchange of goods and services without the use of money ______.

• service

• consumer

• producer

• barter

__________ is the exchange of goods and services

• business

• trade

Which of these is an example of a good?

• babysitting

• an iPad