Economics

The study of resources such as money, materials, and labor is called __________.

• economics

• services

• producers

• goods

__________ are things that can be bought, sold, and traded.

• Transportation

• Income

• Goods

• Law

What is a service?

• A need

• A want

• Income

• A job in which people do something for others

People who make goods are called __________.

• consumers

• nurses

• producers

• business workers

People who buy goods are called __________.

• producers

• politicians

• teachers

• consumers

What does a consumer exchange for goods and services?

• Money

• Food

• Books

• Nothing

A __________ is something you must have in order to live.

• good

• need

• want

• service

A __________ is something you would like to have but do not need to live.

• service

• need

• want

• good

Joe needs school supplies but he wants to buy a new football. He only has enough money to buy school supplies. What should he do?

• Buy the football. His teacher will understand.

• Buy the football. He can ask his parents to buy his school supplies.

• Buy the school supplies. He can start saving his money for a new football.

• Buy the football. He can spend the rest of his money on the school supplies.

Which of the following is a list of needs?

• Television, iPad, Xbox

• Starbucks, Nail Polish, Claw Clips

• Books, Shoes, Water

• Apple, Water, Shelter