Economics Review Part 1

A person that makes or creates an item to sell.

• goods

• services

• producer

• consumer

A person that buys goods or services is called a

• producer

• consumer

• resource

• capital

Which of the following is NOT a NEED in order to survive?

• air

• food

• shelter

• car

Which NEED is missing from the list below:

water, food, clothing, shelter,___________

• oxygen

• transportation

• helmet

• chocolate ice cream

Which example shows that it would be a good time to buy some apples because the price will be low?

• Buying apples in the winter

• Buying apples in the fall

Which example would make the cost of strawberries go up?

• There was a drought and very few strawberries were produced.

• There was plenty of rain and sunshine and tons of strawberries were produced.

What type of resource is a tree?

• capital

• human

• natural

What type of resource is a hammer?

• capital

• human

• natural

What type of resource is a teacher?

• capital

• human

• natural

Which of the following provides a service?

• farmer

• bus driver

• artist

• car salesman