Economics Review

What does the word trade mean?

• giving something away

• choosing what to buy

• giving something you have for something you want

• stealing from a store

A company that has decided to specialize will...

• focus on one area or activity

• work on several different projects

• fire all of its employees

• move to a different city

An entrepreneur is a person who...

• will only work on one thing

• takes a risk by starting a business

• makes a new invention

• refuses to go to work

Which of the following is NOT a natural resource?

• tree

• money

• water

• wheat

Which of the following is NOT a capital resource?

• money

• factory

• manager

• cash register

Agriculture is an industry that mainly produces...

• minerals and metals

• gadgets and machines

• food and lumber

• toys and video games

Which of the following resources can we get by mining the land?

• fish

• coal

• grain

• water

Which of the following is something that someone else does for you?

• resource

• good

• opportunity cost

• service

Ohio has all of the following natural resources except...

• rich soil for crops

• coal and natural gasses

• oranges

• salt

What economic problem would there be if two bakers had their shops right next door to each other?

• there is not enough to trade

• both people are specializing in the same thing

• there is too much trade

• people are not working hard enough