RES Economics Review

A farmer who grows crops is a producer.

• true

• false

Capital resources are the skills and hard work of people.

• true

• false

What does a producer do?

• They make goods in factories.

• They only provide services.

• Producers make goods and provide services.

• None of the above.

Which of these people are producers?

• fire fighter

• eye doctor

• farmer

• all of the above

Machines, roads, tools and buildings are

• capital resources

• human resources

• natural resources

• not resources

A store is running low on flip flops in the summer.

What is the supply and demand for flip flops?

• High supply and low demand

• High demand and low supply

During the summer a store is having a sale on winter hats and mittens.

What is the supply and demand for winter hats and mittens?

• High Supply and low demand

• High demand and low supply

Food, shelter, water, air and clothing are all _________ that we must have in order to survive.

• Wants

• Needs

• None of the Above

A police officer and a Fire fighter provides a ____________ to the citizens.

• Service

• Good

• Consumer

• Producer

A store owner provides _____________ to it's customers.

• Goods

• Services

• Consumer

• Producer