Modified Test: Basic Economics

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The amount of a good or service that buyers are willing and able to purchase at various prices in a given time period.

• supply
• demand

A(n) ______ system determines what, how, and for whom goods and services are produced.

• economic

• inflation
• market
• barter

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

Something we pay to use fora certain amount of time

• services
• goods

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

When countries buy products from other countries, these products are called _____________.

• imports

• exports

When countries sell products to other countries, these products are called __________

• imports

• exports