Econ Review

A person who buys goods and services

• consumer

• entrepreneur

• resource

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

Something we pay for that we can touch

• goods
• services

The place where goods and services are exchanged

• barter
• currency
• market
• resource

What is a need?

• Nothing
• Something that is required for survival

• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

________ is the most basic economic problem.

• Scarcity
• Greed
• Capital

Which of the following is not a natural resource?

• Water

• trees

• bowling ball

When I choose one item over another because I cant afford both, this is called an ...

• scarcity

• opportunity cost

• incentive