Economics Study Guide

Choose all statements that apply to Natural Resources.

• used to meet wants and needs

• something from the land

• a completed good to be used, not made into another good

• a house is an example

• trees are an example

A _____________ is something found in nature that people use.

• natural resource

• mineral

• environment

You spend money to buy goods and services.

• True

• False

What is a good?

• Work that people do.

• Things that taste good.

• Items you can see, like a pencil or a car.

What is a service?

• Work that people do, like cutting hair or fixing a car.

• Things you buy at Walmart.

• Doing your homework.

What is a consumer?

• Something you can buy.

• A person who uses goods and services.

• A place to start a business.

Producers make their goods close to the resources they ned to save money.

• True

• False

Which of these are NATURAL resources?

• trees

• toys

• water

• soil

• cars

Which of these are HUMAN resources?

• Singing

• Cooking

• Painting

• Animals

Which of these are CAPITAL resources?

• Forests

• bottles to store milk

• scissors to trim hair