Economics Review

What are goods?

• Activities like playing football

• Things people make or use

• Activities like learning how to read

• Someone who comes to mow your yard

Things people make or use to satisfy needs and wants are known as -

• goods

• consumers

• producers

• services

Choose two items that are considered goods:

• oranges

• doctor

• cupcakes

• police offier

What is a service

• A plumber fixing your sink

• your neighbor baking cookies to eat

• a friend saving money to buy a book

• mom buying a new sweater

Read the definition:

Materials that come directly from nature.

Identify the term that is being defined:

• capital resources

• human resources

• natural resources

• producers

Read the definition:

Goods made by people and used to produce other goods and services.

Identify the term that is being defined.

• Natural resources

• Producers

• Human resources

• Capital resources

A person who uses resources to make goods or provide services is a --

• Consumer

• spender

• saver

• producer

Who is a consumer?

• a person who makes paintings of parks

• a person who shops at the mall

• a person who sells peanuts at the park

• a person who sells clothes at the mall

Why do people trade?

• to get things they need and want but do not have

• to be popular

• to make friends

• to get things they already have

The picture shows how these two countries trade with each other. County N specializes in --

• olives and wheat

• gold and salt

• olives and gold

• wheat and salt