Economics Unit: Vocab and Big Ideas

What is the study of how people use resources to satisfy their needs and wants?

• Biology

• Economics

• Chemistry

• Physics

What is the study of how people meet their wants and needs with the resources available to them?

• Biology

• Economics

• Chemistry

• Physics

Needs must be fulfilled in order to ______.

• survive

• play

• relax

• travel

What are 'Goods'?

• Items that can be seen, touched, or felt and are ready for sale

• Items that cannot be seen or touched

• Services provided to customers

• Digital products only.

Which of the following is an example of a good?

• A haircut

• A flashlight

• A dance performance

• A software download.

Which of the following is NOT considered a good?

• Doughnut

• Toothpaste

• Vacuum

• Internet service

Which of the following can be consumed?

• A doll

• A service

• A doughnut

• A thought.

Fill in the blank: A police officer provides ______ to the community.

• Entertainment

• Services

• Food

• Clothes

In the supply chain, what happens after the processing plant turns wheat into flour?

• Consumers purchase sandwiches.

• Factory bakes flour into bread.

• Farm grows wheat.

• Restaurants use bread to make sandwiches.

Fill in the blank: After the factory bakes flour into bread, the _______ distributes bread to stores and restaurants.

• Farm

• Processing plant

• Shipping service

• Consumers