Economy

goods

• things we want or need to live

• people who buy goods and services

• tools, machinery, and buildings used to produce goods & services

• people who work to produce goods or provide services

Which photo shows a basic good?

• 
• 
• 

services

• things we want or need to live

• people who make goods & provide services

• materials from nature, such as trees or water, that people use

• things people do for others

producers

• things people do for others

• tools, machinery, and buildings that are used to produce goods or provide services

• people who make goods & provide services

• there is no end to how many things people want or need

Which photo is NOT a producer?

• 
• 
• 

In ancient Greece, olive oil was a valuable __.

• consumer

• good

• service

• natural resource

consumers

• people who buy goods and services

• people who make goods and services

• only having a certain amount

• there is no end to how many things people want or need

natural resources

• only having a certain amount

• people who work to produce goods or provide services

• materials from nature, such as trees or water, that people use

• things people do for others

Doctors provide medical __ to help sick people.

• goods

• producers

• services

• natural resources

True or False: Specialization is when people make the goods they are best able to produce with the resources available.

• TRUE

• FALSE