Economics & Business Lesson 1

Match definition to the Term: The wealth, production, consumption, supply/demand, and management of resources within a particular country or region.

• Economy

• Consumer

• Need

• Want

Match definition to term: The science of the production, distribution and use of income and wealth

• Consumer

• Economics

• Needs

• Wants

Match the definition to the term: A person who sets up a business or businesses, taking on financial risks in the hope of profit

• Services

• Needs

• Consumer

• Entrepeneur

Match the term to the definition: Goods

• Items that are intangible

• Items that are tangible

Match the term to the definition: Services

• Things that are intangible

• Things that are tangible

Match the definition to the term: people who make and sell goods and services

• Income

• Consumer

• Producer

• Entrepreneur

Match the definition to the Term: People who buy and use the goods and services

• Goods

• Consumer

• Producer

• Entrepeneur

Match the definition to the term: Money that is earned by a person

• Debt

• Goods

• Income

• Services

Match the definition to the Term: A sum of money that is owed

• Debt
• Profit
• Scarcity

• Equity

Match the definition to the term: A condition that exists when wants exceed the resources available to satisfy wants

• Income

• Debt

• Consumer

• Scarcity