Economics and Personal Finance Review

Jennifer works for the Pepsi company as a truck driver. What type of resource is Jennifer?

• Capital Resource

• Human Resource

• Natural Resource

• Entrepreneur

Which is a capital resource that a lawn-care company would need?

• Lawn Mower

• Lawns

• Customers

• Employees

Which of the following correctly describes an entrepreneur?

• Christina folding laundry because it is one of her chores.

• Jacob starting his own doggy daycare and hiring his friends.

• Kimberley babysitting her brother while her parents go to the movies.

• Brandi getting a job so she can buy Christmas presents.

Why are entrepreneurs considered "risk-takers"?

• They are guaranteed a successful business.

• Their business could fail and they could lose all the money they have invested into it.

• They are charged more taxes.

• They combine human resources, natural resources, and capital resources to start a new business.

Which of the following is true about supply and demand?

• If demand is greater than supply, prices are lower.

• If supply is greater than demand, prices are lower.

• If supply is equal to demand, the prices are lower.

• If supply is greater than demand, the prices are higher.

What is a tax?

• A tax is a service the government provides to its citizens.

• A tax is money people have leftover after purchasing goods or services.

• A tax is money people pay to support the government.

• A tax is a service that people provide by working for the government.

If a city builds a new park, how will it be paid for?

• Donations the city collected

• The mayor used her own money

• The city used tax money paid by the citizens

• The city got a loan from the federal government

Florida farms a lot of oranges. Oranges do not grow well in Massachusetts. Massachusetts grows cranberries but Florida does not. How do the states meet their needs?

• The 2 states eat each other's fruits.

• The 2 states trade fruit with each other.

• The 2 states donate their fruit to each other.

• The 2 states heavily tax the fruit so they can buy more.

• Lily saves money. Lily spends it.

• Ashley makes fruit baskets. Gillian buys the fruit baskets.

• Graham buys a motorcycle. Christian built the motorcycle.

• Parker earns an allowance. James works for his income.

What is the name of the place where people buy and sell goods?

• Amazon

• factory

• marketplace

• Industrial Park