Unit 4 Review Game

Match the words to their definitions.

• quantity that consumers want

• Need

• Things to have in order to be satisfied.

• Supply

• Quantity that producer will sale

• Wants

• Must have to survive.

• Demand

Match the words to their definition.

• revenue earned minus cost of operation

• Profit

• value of the next-best alternative

• Opportunity Cost

• how goods and services are produced

• Economic Resources

Which of the following are needs?

• Water

• IPhones

• Food

• Jewelry

Which of the following are wants?

• Water

• IPhones

• Food

• Jewelry

Which of the following are types of resources?

• Land

• Goods

• Labor

• Capitol

• Entrepreneurship

Which of the following are types of Economic Systems?

• Command

• Market

• Traditional

• Labor

• Mixed

Which of these are material goods?

• Clothes

• Getting hair done

• Cars

• Visiting the doctor

Which of these are services?

• Clothes

• Getting hair done

• Cars

• Visiting the doctor

True or False: Economics is all about making choices and satisfying the wants and needs of consumers.

• True

• False

True or False: Needs and Wants are limited, you are only limited by your mind, if you can imagine it then your business can provide it.

• True

• False