Economics

What are things people make or use to satisfy wants and needs (you can touch them)?

• Goods

• Services

• Consumer

• Producer

What is work that people do that satisfies a want or need?

(Examples: giving a haircut, teaching, repairing a car)

• Good

• Service

• Consumer

• Producer

A person who uses goods or services is a...?

• Producer

• Capital Resource

• Shopper

• Consumer

Not having enough of something is called what?

• Currency

• Scarcity

• Trade

• Demand

How much you have of a good or service is called what?

• Demand

• Scarcity

• Opportunity Cost

• Supply

How much people want a good or service is called what?

• Demand

• Scarcity

• Opportunity Cost

• Supply

Natural resources, capital resources (goods), human resources, and entrepreneurship are all types of what?

• Consumers

• Opportunity Costs

• Productive Resources

• Jobs

What might happen if the supply of Georgia football t-shirts remains unchanged but the demand for Georgia football t-shirts suddenly rises?

• More t-shirts would be produced (made).

• The price of the t-shirt would go up.

• People would refuse to pay for the t-shirt.

• The t-shirt price would be lowered.

Which of these government services is NOT a service provided by our national government through tax money?

• police and fire protection

• nurses

• public schools

• public libraries

Which of these government services IS a service provided by our national government through tax money?

• military

• restaurants

• lifeguards

• groceries