SS Economics

Demand means

• how much people want something

• how colorful something is

• no one wants them

Trading one good or service for another is called

• a profit

• being nice

• bartering

The following is an example of what type of resource

• capital

• human

• natural

What type of resources are these?

• capital

• human

• natural

a natural resource that can be used up such as oil, natural gas, and coal are

• renewable resources

• non-renewable resources

something that can be easily replaced such as trees, water or animals for food is called a

• renewable resource

• non-renewable resource

thousands of people leave a small town due to a factory closing down. The grocery store isn't making as much money. What causes this change?

• changes in the weather

• a change in the number of buyers

• more poeple moved to the town

Being an expert in one job, product, or service is called

• consumer

• producer

• specialization

__________ are people who use natural resources, human resources, and capital resources to make goods or provide services

• goods

• producers

• services

Many kids want a hover board for Christmas, but the supply is running low. Since many people want one the price of hover boards will

• stay the same

• decrease

• increase