Economics

First Name

Last Name

1. A ___________ is someone who buys or pays for a good or service.

• Producer
• User
• Consumer

2. A ___________ is someone who creates a good or service for others to buy or use.

• Producer
• User
• Consumer

3. __________ is an economic condition that exists when demand is greater than supply.

• Scarcity
• Competition
• Demand
• Overflow

4. To be successful , a business must produce

• Goods but not services
• Goods and services mostly natural resources
• Goods and services that people want
• Goods and services with a high price

5. Opportunity cost is the value of what you give up because you choose to do or buy something else.

• True
• False

6. Land, fuel, water, and minerals are this kind of resource:

• Human Resources
• Capital Resources
• Natural Resources

7. Money, buildings, and equipment are this kind of resource:

• Human Resources
• Capital Resources
• Natural Resources

8. _________________ is the amount of a product or service that is available.

• Profit
• Supply
• Demand