Economics Review

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

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

• Producers

• Services

• Goods

• Resources

________________ are people who use services or buy goods.

• Producers

• Resources

• Pretty

• Consumers

_______________ resources are materials that come from nature.

• Special

• Natural

• Human

• Capital

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• opportunity decisions

• consumer choice

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

What type of resources are these?

• capital

• natural

• nautical

• human

A country has a surplus of oil, coal, and precious metals. In what industry should this country specialize?

• Agriculture and Farming

• Mining

• Technology

• Manufacturing

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources