Economics Lesson #1

Match the following

• economy

• all the producing, selling and buying people do

• supply

• the amount of a product or service that is available

• demand

• the amount of a product or service that people want or are willing to pay for.

Match the following

• Mercantilism

• • is focusing on a specific area of skill.

• opportunity cost

• the thing that is given up to get something else.

• • specialization

• • an economic systems used by European countries to gain power by controlling the economy and wealth of colonies.

Which of these is a physical capital?

• scientist

• tree

• hammer

Which of these is a human capital?

• teacher

• sun

• lawnmower

Which of these is a Natural Resource?

• water

• firefighter

• house

Buying goods from other countries

• import

• export

selling goods to other countries

• import

• export

Which of these is not part of New Jersey's economy?

• Agriculture

• Fishing

• Manufacturing

• Technology

Resorts and Tourism is not a part of New Jersey's economy in the south.

• true

• false

 Imports and exports are a major force in our economy.

• True

• False