Chapter 1 Economics

Tools we use to make products

• capital resources

• natural resources

• human resources

• entrepreneurs

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource

• human resources

• entrepreneur

What is a need?

• something you want

• Something you must have to live

• market economy

what is a want?

• Something you would like to have but don't need to live

• something you must have to live

• food

• shelter

________ is the most basic economic problem.

• opportunity

• scarcity

• market economy

• capital

Which of the following is a natural resource?

• television

• trees

• plastic

• rubber

When I choose one item over another because I cant afford both, this is called an

• scarcity

• market economy

• opportunity cost

• trade-off

The person who starts, organizes and manages a business is called

• producer

• consumer

• official

• an entrepreneur

The opportunity cost of something is

• the dollar value of something

• more costly to the poor

• what you give up to get the item.

• less than the dollar value of something

Set of individuals who make up the workforce of an organization, business sector, or economy

• human resources

• natural resources

• capital resources

• goods