Economics 1

What is the term for something that is produced that you can touch (tangible)

• Goods

• Services

• Resources

• Production

What is the term for something that is done to benefit someone else?

• Goods

• Services

• Resources

• Production

What is the economic term for making something?

• Goods

• Services

• Resources

• Production

What are goods and services usually exchanged for?

• Cars

• Jobs

• Money

What do you call the things that are combined to produce goods and services?

• Goods

• Services

• Resources

• Production

Which type of resource is provided by nature?

• Human

• Natural

• Capital

• Entrepreneurship

Which type of resource is the people who work to produce the good or service??

• Human

• Natural

• Capital

• Entrepreneurship

What do you call the equipment, tools, buildings, and machines used in production?

• Human

• Natural

• Capital resources

• Entrepreneurship

True/False--There are enough goods and services to go around to everyone in the world.

• True

• False

True/False--All goods are scarce.

• True

• False