Biztown Lesson 1

What does the Circular Flow show?

• The economic interactions between people and businesses

• The cycle of water from the ocean to the sky

• The process of making goods and services

• The movement of planets around the sun

Which of the following is NOT a basic type of resource?

• Money

• Natural

• Human

• Capital

What does 'scarcity' mean?

• The ability to buy all the goods and services one wants

• Not being able to have all the goods and services desired

• Having more resources than needed

• A type of resource

In a free enterprise system, who makes the economic decisions?

• People and places in the marketplace

• The government

• A single company

• Robots

Which of the following is an example of a 'Natural' resource?

• Factories

• Mental efforts of workers

• Tools

• Water

Which of these are a type of NATURAL resource for a lemondate stand?

• water

• people

• cups

Which of these are a type of CAPITAL resource for a lemondate stand?

• water

• people

• cups

Which of these are a type of HUMAN resource for a lemondate stand?

• water

• people

• cups

Match the following

• members of a town, city, country etc

• community

• a place where people live, word, trade

• citzen

• things people buy and use

• entrepreneur

• a company that sells goods or services

• business

• a person who starts a business

• goods