Unit 1 REVIEW

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

__________ Things required to live such as food, shelter, clothing, air

• Need
• Want
• Tradeoff

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.8.1

CCSS.RL.9-10.2

CCSS.RL.7.1

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labor refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

Forests are examples of...

• Land
• Labor
• Entrepreneurs
• Capital

A bulldozer is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

Your garbage man is an example of

• Land
• Labor
• Entrepreneurs
• Capital