Week 12: Principles of Economics

A _________ is something that you have to have every day to survive.

• book

• need

• newspaper

• note

Which of the following is NOT a need?

• pet

• clothing

• food

• shelter

A (a)   is something that you would like to have but can live without.

What is a want?

• video game

• clothing

• food

• shelter

What is a material that people can use?

• consumer

• resource

• service

• factory

What is a renewable resource?

(a)  

What is a nonrenewable resource?

• solar energy

• trees

• crops

• natural gas

What are human resources?

• a factory

• a labor force

• goods and services

• a nonrenewable resource

What is a capital resource?

(a)  

What is the amount of product people want or need?

• demands

• goods

• supply

• surplus