Elements of Economics - Unit 1

Definition: the study of how services and goods are made and divided among people

• economics

• goods

• services

• free enterprise

Definition: a kind of economy in which the people own most of the businesses and land

• products

• free enterprise system

• services

• economics

Definition: things that are traded or sold

• services

• goods

• cards

• gold

Definition: something a person does for pay

• goods

• economics

• free enterprise

• service

Definition: workers

• goods

• services

• labor force

• trade

Which is a natural resource

• Land

• metal

• concrete

• fabrics

The labor force consists of

• products

• manufactures

• people

• trades

True or False:

Gold is an example of technology?

• False

• True

Money to start a business is called

• stock

• reserves

• assets

• capital

In a free enterprise system, people have _______

• restrictions

• limitations

• freedoms

• cuts