Economics

What is an economy?

• A system of production, distribution, and consumption of goods and services

• A type of government

• A financial institution

• A cultural tradition

What are societies?

• Groups of animals

• Communities of people with common traits

• Individual families

• Isolated individuals.

Fill in the blank: _______ are items that people can buy.

• Goods

• Services

• Ideas

• Experiences

Fill in the blank: Services are tasks that people do for other people in exchange for _______.

• money

• goods

• favors

• gratitude

What is a need?

• A requirement for survival

• A desire for luxury

• An optional preference

• A temporary want

Which of the following is an example of a want?

• Food

• Shelter

• Video games

• Water

An economy includes everything we do that involves ______.

• money

• food

• travel

• education

In an economy, who are the individuals that make goods or provide services?

• Producers

• Consumers

• Buyers

• Sellers

A person can be both a producer and a consumer. Which of these is an example?

• A person who only fishes.

• A person who only buys fishing nets.

• A person who fishes and buys new fishing nets.

• A person who neither fishes nor buys fishing nets.

When a lumberjack chops wood to sell, they are a _______.

• producer

• consumer

• distributor

• retailer