Understanding Economic Concepts

Maria opens a lemonade stand and sells drinks to people in her neighborhood. What is Maria?

• Consumer

• Import

• Producer

• Competition

A toy store wants to sell more toys than another toy store across the street. What is this an example of?

• Supply

• Service

• Competition

• Export

When you buy ice cream at a store, what role are you playing?

• Entrepreneur

• Consumer

• Producer

• Import

A store has too much cereal and lowers the price so people will buy it. What caused this?

• High supply and low demand

• Capital resource

• Low import

• High export

Noah wants to open a pizza business because he has a new idea for toppings. What is Noah?

• Natural resource

• Capital resource

• Entrepreneur

• Human resource

A country sells bananas to another country. What is this called?

• Import

• Export

• Producer

• Consumer

In a free market, what decides the price of things?

• The weather

• The government

• Supply and demand

• The store's name

A truck and a factory are both examples of what kind of resource?

• Human resource

• Natural resource

• Capital resource

• Export

Workers in a bakery who bake bread are what kind of resource?

• Human resource

• Capital resource

• Import

• Service

A country buys rice from another country. What is this called?

• Export

• Import

• Free market

• Demand