Introduction to Economics

Which of the following people are taking part in the economy?

Check all that are true.

• Carmen sells her old tablet online.

• Shane rents an apartment.

• Eric purchases a new dinner table.

• Nick buys a new bicycle.

Melissa needs apples to make apple pie for a bake sale. She buys apples from a farmers market. She bakes the apple pies and sells them for $3 at the bake sale. What is true about Melissa in this scenario?

• Melissa is a consumer.

• Melissa is both a producer and a consumer.

• Melissa is a producer.

• none of the above

Which of the following correctly describe a consumer?

Check all that are true.

• chooses between products

• provides services to others

• makes a good or service

• uses goods and services

Which of these goods are also needs?

Check all that are true.

• food

• shelter

• toy

• book

Nick needs to buy groceries for the month. While getting groceries, he sees a new video game that he really wants. As a consumer, what choices could Nick make?

Check all that are true.

• buy groceries from a cheaper producer to have money left over for the video game

• wait to see if another store has the video game for sale at a lower price

• do not buy the groceries and get the video game

• buy the groceries and purchase a cheaper video game

The factors of production include:

Check all that are true.

• capital resources

• natural resources

• human resources

• factory resources

Keith owns a store and a warehouse where metal jewelry is made. Keith buys metals to create the jewelry he sells in the store. Which of Keith’s resources are capital resources?

Check all that are true.

• warehouse

• metals

• store

• Keith's workers

Many years ago, the __________ sector was the primary economic sector in the United States. As technology improved, the __________ sector grew becoming the most important economic sector. This resulted in people moving to cities and the primary economic sector changed as well. Now the largest economic sector is the __________ sector.

• entertainment; service, mining

• mining; entertainment; agricultural

• service; manufacturing, agricultural

• agricultural; manufacturing; service

There are two different regions in a country. Region 1 contains farmlands and rich soil for growing crops. Region 2 has a large population of workers including lawyers, doctors, and office workers. Which are most likely the primary economic sectors in each region?

Check all that are true.

• The manufacturing sector is the most important sector in both Region 1 and Region 2.

• The mining sector is the most important sector in Region 2.

• The service sector is the most important sector in Region 2.

• The agricultural sector is the most important sector in Region 1.

Trees, oil, and minerals are all examples of __________.

• capital resources

• natural resources

• human resources

• none of the above