Economics Test Review

People use their income to do what?

• Spend their money on things they want

• Save money to pay for goods and services

• So they can buy games with their money

• Save their money to buy something really nice

A person who makes and sells a good or provides a service.

• Farmer

• Supply

• Producer

• Consumer

The amount producers will make for a certain price.

• Demand

• Producer

• Goods

• Supply

The person who buys a good or service.

• Producer

• Supply

• Consumer

• Entrepreneur

The money countries use to purchase goods and services

• Currency

• Money

• Producer

• Consumer

The amount consumers are willing to buy for a certain price.

• Supply

• Demand

• Goods

• Service

Machines, tools, and buildings are examples of ____________.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneur

A person who takes a risk, or a chance, to start a business.

• Human Resource

• Entrepreneur

• Farmer

• Producer

Trees, water, sunlight, and flowers are examples of ____________.

• Natural Resources

• Capital Resources

• Human Resources

• Entrepreneur

Why do countries export goods and services?

• Because they want to.

• So that people will come to their country.

• So that they can trade with other countries

• It helps them sell more goods and services.