Economics Review

The exchange of goods and services without the use of money is called-

• scarcity

• barter

• productivity

• purchase

What is one reason people must make economic choices?

• Resources and goods and services are scarce.

• They must choose the next government official.

• They can spend more money.

• There are enough goods and services for everyone.

Who is a consumer?

• A person who uses resources to make things

• Someone who eats too much

• A person who uses goods and services

• Someone who is a part of an American Indian group

Which three types of money are used today in exchange for goods and services?

• Coins

• Furs

• Paper bills

• Capital

• Checks

Farmers, miners, builders, and painters are all examples of what type of resource?

• Human

• Capital

• Economic

• Natural

Why are houses of today different than houses of the past?

• We have different resources than past builders.

• Builders today do not use any natural resources.

• Past builders did not have any capital resources.

• There are fewer resources available for builders today.

Not being able to meet all wants at the same time because resources are limited is called-

• resourceful

• scarcity

• barter

• economic choice

Coal is an example of a natural resource because it-

• is a material from nature

• is used to produce goods

• is used to produce services

• is made by people

A person who uses resources to make goods and provide services is called a-

• consumer

• producer

• barterer

• reporter

Choosing to save your money instead of buying a scoop of ice cream shows you have made -

• an economic choice

• a resource choice

• a good citizen choice

• a production choice