Economics: NC Studies Weekly Week 12

Which of these is not a NEED?

• Video Game

• Food

• Water

• Clothes

Food for dinner is a (a)  

What is a material people can use?

• Consumer

• factory

• resource

• service

Which of the following describes a resource?

• People depend on them

• All resources are natural

• Resources never run out

• They are used to produce goods

What could be a result of a limited resource?

• lower prices

• less fruit juice

• more workers

• larger producers

What would happen to prices of oranges if there are a lot of orange trees growing?

• prices would not be affected

• nothing

• prices would be higher

• prices would be lower

True or False?

A consumer is someone who makes a good or provides a service

(a)  

True or False?

Supply is the amount of product thats available.

(a)  

What is the amount of product people want or need?

• demand

• goods

• supply

• surplus

Who buys services?

• consumer

• economist

• producer

• shipper