1st Quarter Social Studies Review

Which of the following is not a good?

• Clothes
• Food
• Dog Walker
• Toys

A _____________ is a person who starts a business.

• Teacher
• Entrepreneur
• Actor
• Student

A shortage of a resource is considered...

• Scarcity
• Surplus
• Profits
• Income

Consumer interest and willingness to pay is...

• Surplus
• Supply
• Demand
• Goods

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources

________________ are people who use services or buy goods.

• Producers

• Resources

• Pretty

• Consumers

_______________ resources are materials that come from nature.

• Special

• Natural

• Human

• Capital

______________ resources are people working to produce goods or provide services.

• Capital

• Human

• Natural

• Manufactured

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization