Understanding Economics

Which of these is a natural resource?

• land

• hammer

• saw

• magazine

What does innovation mean?

• a place to look at plants

• money that was made

• a new idea or a new way of doing something

• a person who starts a business

What is an entrepreneur?

• A person who lives in a new place.

• A type of land.

• A person who starts a business to make life easier for others.

• A type of story.

An entrepreneur has_______

• innovation

• a story

• opportunity

• all of the above

What is a synonym for labor?

• families

• economy

• work

• money

What is a good?

• A task done for someone else

• An item that people can buy, sell, or trade

• A type of service

• A need

What is a service?

• A physical item that can be touched

• A task done for someone else

• A type of good

• A need

Who are consumers?

• People who make goods

• People who sell goods

• People who buy or use goods and services

• People who trade goods

Who are producers?

• People who consume goods and services

• People who make or provide goods and services

• People who buy goods and services

• People who trade goods and services

What is supply?

• The amount of a good or service that consumers want to buy

• The amount of a good or service available for sale

• The price of a good or service

• The desire for a good or service