Circular Flow LFCE 5th

What type of resource occurs commonly in and on the earth and is used to produce goods and services?

• a. Human resources

• b. Capital resources

• c. Natural resources

• d. Intermediate goods

What type of resource includes people who do mental and/or physical work to produce goods and services?

• a. Human resources

• b. markets

• c. demand

What type of resource includes goods that are made by people and used to produce other goods and services?

• a. Human resources

• b. Capital resources

• c. Natural resources

• d. Intermediate goods

Goods are _______that satisfy people's wants while services are _____that satisfy people's wants.

• a. actions, objects

• b. objects, people

• c. objects, actions

• d. actions, people

People who buy goods and services to satisfy their wants are

• a. sellers

• b. producers

• c. consumers

A__________ is an organization that produces the goods and services that are sold to consumers in the market

• a. buyer

• b. military

• c. business

• d. Government

A market is where ______ and _______ come together to exchange goods, services, and/or resources.

• a. buyers, sellers

• b. sellers, products

• c. sellers, producers

• d. buyers, consumers

Money is anything widely accepted in exchange for goods and services.

• a. True

• b. False

When a business pays people for resources, this payment represents for the people.

• a. gifts

• b. taxes

• c. bonds

• d. Income

The _______market is the market in which businesses buy tools and machinery.

• a. producer

• b. resource

• c. consumer

• d. goods and services