Economics

What is economics?

• the study of Earth and its people. 

   

• The study of how goods and services are produced, distributed, and consumed.

• An area where all living things, such as the plants and animals, interact with each other. 

• a system of ruling people. 

Community governments provide ___________________ for people. This might include schools, police, and fire protection.

• public service

• private service

• taxes

• public pass

Tom loaded his truck with vegetables to take to the local farmers’ market.  His truck was a _______________.

• natural resource

• capital resource

• human resource

• commericla resource

Which is an example of a natural resource?

• wood

• computer

• doctor

• truck

Which is an example of a capital resource?

• doctor

• water

• computer

• teacher

What is an example of a human resource?

• oil

• hammer

• policeman

• barn

What might happen if there were no taxes?

• Governments would not have the money they need to provide services and pay government workers.

• City governments would be able to provide free services.

• Parks would be beautiful and well taken care of.

• Parks would be beautiful and well taken care of.

What is another word for a person who works to produce goods or provides services?

• human resource

• capital resource

• producer

• consumer

What happens most of the time when the supply of something goes  down?

• The price goes down

• the price stays the same

• the price keeps changing

• the price goes up

The amount of good available

• supply

• demand

• goods

• service