Economic Basics

It's a major incentive for both individuals and businesses.

• Expansion

• Profit

• Contraction

• Salary

When there are not enough resources to meet people's wants, is called...

• Economy

• Profit

• Scarcity

• Tax

Factors of Production are used to produce goods and services.

• False

• True

Income is the synonym for...

• Taxes

• Payment

• Expansion

• Labor

A nation (the producer) depends on another to provide or produce goods or services that they don't possess.

• Diplomacy

• Expansion

• Opportunity Cost

• Economic Interdependence

It's the loss of production or reduction of it.

• Taxes

• Contraction

• Opportunity Cost

• Economy

Products that people consume or use are called...

• food

• assets

• income

• goods

Services are the things that people do.

• False

• True

Classify:

"A nurse working for a private clinic"

• Service

• Good

Classify:

"The bread the baker sells at 4:00 p.m."

• Service

• Good