Economics Review

tools that people use to make things

• human resources

• capital resources

• natural resources

• entrepreneurship

raw materials that come from the earth

• human resources

• capital resources

• natural resources

• entrepreneurship

the labor that is used in the production of goods

• human resources

• capital resources

• natural resources

• entrepreneurship

the skills needed take risks and start businesses

• human resources

• capital resources

• natural resources

• entrepreneurship

Which is paid using tax money?

• musician

• chef

• firefighter

• store manager

Ms Brown has $10 for lunch. Mrs Pylant says she left her money at home. Ms. Brown purchased a pizza and salad for $5 each. She spends $10 on her lunch and doesn't have enough for Mrs. Pylant? What is the oppurtunity cost?

• Ms Brown's lunch

• Mrs. Pylant's lunch

• $5 on pizza

• $4 on salad

Why do people pay taxes to the government?

• Governments is smarter than most people

• to pay for things that businesses dont provide

• to lower prices

• to make everyone equal

Which is an example of shopping locally?

• Alaskans purchasing oranges

• Katies buys tomatoes from stand down the road

• Joe making coffee from Brazil

• Shan purchases a new car from Japan

How do producers decide a price for goods/services?

• How much others sell for

• How often consumers purchase

• How much money consumers make?

• How much consumers will pay?

Trading good with other countries..

• gives consumers more choices

• helps consumers make more money

• allows consumers to satisfy wants and needs

• consumers spend more money