Economics Part I

What do you call a PERSON who buys or uses goods and services?

• consumer
• producer
• worker
• lucky

What do you call the PERSON who makes goods or provides services?

• producer
• consumer
• customer
• unlucky

My father owns a factory that makes shoes. He makes the coolest boots. Everyone wants his boots. He exports thousands of pairs of boot each year. My father is an ______.

• consumer

• agricultural worker

• entrepreneur

• resource officer

Why are coal, silver, and oil considered natural resources?

• They are a person's education.

• They are tools used in a business.

• They are a person's training.

• They are found naturally in the earth.

These are the tools and resources used to run a business.

• stuff I need

• human capital

• capital goods

• natural resources

My boss purchased new dump trucks and cement mixers for us. Dump Trucks and Cement Mixers are examples of what type of resource?

• Natural

• Human

• Capital

• Tariff

If the supply of a good is higher than the demand, what happens to the price?

• It stays the same
• Price goes down
• Price goes up
• It's FREE!!

An increase in competition would have what effect on price?

• Price goes up
• Price stays the same
• Price goes down
• It explodes

What do we call all of the resources required to make a product (good or service)?

• economics

• consumption

• four factors of production

• scarcity

People who work to make goods or provide services

• human resources
• capital resources
• natural resources
• entrepreneurs