Economics | Lesson 1 | What is Economics?

Which of the following is considered a need?

• Food

• Television

• The iPhone 11

• A car

Which word means there is a very limited number of something?

• Good

• Scarcity

• Service

• Budget

What is a system used to distribute resources to meet people's wants and needs?

• demoncracy

• revenue

• economy

• money

The natural, human, and capital resources used to produce goods and services.

• Capital Resources
• Human Resources
• Productive Resources
• Natural Resources

Production assets such as equipment, inventory, machinery, trucks, or the building

• Goods
• Entrepreneurs
• Natural Resources
• Capital Resources

The set of individuals who make up the workforce of an organization or business.

• Natural Resources
• Opportunity Coat
• Capital Resources
• Human Resources

Resources and materials found in their natural form in the environment.

• Natural Resources
• Opportunity Coat
• Capital Resources
• Human Resources

TANGIBLE items that result from productions. EX: pants, cars, pencils

• Income
• Goods
• Goods & Services
• Services

Non-physical results of production and must be consumed. EX: dentist, barber, teacher

• Services
• Goods
• Consumer
• Income

Things that people want or need.

• Income
• Goods
• Goods & Services
• Services