Economy Lesson 2 & 3

What is a producer?

• Someone who makes goods or provides services

• The people who buy goods and services

• Money that is gained

• Businesses that sell the same goods and services

What is a consumer?

• Someone who makes goods or provides services

• The people who buy goods and services

• Money that is gained

• Businesses that sell the same goods and services

What is profit?

• Someone who makes goods or provides services

• The people who buy goods and services

• Money that is gained

• Businesses that sell the same goods and services

What is competition?

• Someone who makes goods or provides services

• The people who buy goods and services

• Money that is gained

• Businesses that sell the same goods and services

Freedom of choice relates to which groups of people?

• Business owners

• Consumers

• Workers

Businesses and people have the right to ____, _____, or ___ property.

• sell, lease, buy

• clean, trade, own

• find, build, share

Competition limits _____ between businesses.

• profit

• power

• production

Motive of Self Interest means you have whose interests in mind?

• Yours and your family's

• Your Neighbors'

• The entire town

What does EXCHANGE mean?

• Trading goods and services for money

• The money people make from their job

• A pattern that shows how goods, services and resources flow in a marketplace

What does INCOME mean?

• Trading goods and services for money

• The money people earn from their jobs

• A pattern that shows how goods, services and resources flow in a marketplace