Unit 2: Lessons 1 and 2 Review

What is a 'good' in economic terms?

• A physical item that can be bought, touched, and used

• An action done for people who pay for it

• A service provided for free

• A digital product only available online

What is a 'service' in economic terms?

• A physical item that can be bought

• An action done for people who pay for it

• A product that is always free

• A type of good that is tangible

Who are considered producers?

• People who consume goods and services

• People or firms that use resources to make goods and services

• People who sell goods and services

• People who buy goods and services

What are natural resources?

• Resources that are manmade and come from factories.

• Resources that are not manmade and come from the earth.

• Resources that are used to provide services.

• Resources that are tools used in production.

Which type of resources are considered human resources?

• Tools used to produce goods.

• Resources that come from the earth.

• Service providers, labor force, and intellectual thinking.

• Natural elements like water and minerals.

What are capital resources?

• Resources that are not manmade.

• The tools used to produce a good or service.

• Service providers and labor force.

• Natural resources like trees and minerals.

What type of service does a gardener provide?

• Bakes goods

• Cuts grass and plants flowers, trees, and plants

• Repairs vehicles

• Teaches students

Which of the following is a natural resource used by a gardener?

• Oven

• Water

• Baking assistants

• Mixer

Which of the following is a capital resource used by a baker?

• Soil

• Team of gardeners

• Oven

• Water

What is a consumer?

• A person who produces goods and services

• A person who wants goods and services and is willing to exchange money for them

• A person who sells goods and services

• A person who provides free services