SS Economics Daily Grade 1

Why do local, state, and federal governments collect taxes?

• To take away citizens’ rights

• To provide public services to citizens

• To support church youth groups

• To make sure laws are being followed

Which of the following BEST completes the graphic?   

• Consumers pay taxes to producers.

• Consumers loan money to producers.

• Consumers make goods for producers.

• Consumers buy the goods of producers.

Who is MOST LIKELY paid with money collected through taxes?

• barbers, waitresses, cooks

• reporters, farmers, painters

• builders, mechanics, truckers

• teachers, firefighters, mayors

Which of these is an example of a human resource?

• a forest

• a teacher

• a computer

• a river

Which is a capital resource that a lawn-care company would need?

• customers

• employees

• tools

• lawns

1. On weekends, Josh pulls his lawnmower behind his bike and mows people's lawns for a fee. Which of the following BEST describes Josh?

• a capital resource

• a competitor

• a natural resource

• an entrepreneur

Which type of productive resource is water?

• an entrepreneur

• a capital good

• a natural resource

• a human resource

1. Claire loaded her truck with vegetables from her garden to sell at a local market. Which of the following BEST describes Claire's truck?

• human resource

• land resource

• natural resource

• capital resource

Why are entrepreneurs called “risk-takers”?

• Because they get charged more taxes than other business owners

• 1. Because they could lose all of their money starting a new business

• Because they are guaranteed success at their new business

• Because they combine land, labor, and capital to start a new business

Jimmy wants to open his own car repair shop. He has plenty of workers, but he does not have a building. What type of resource is the building?

• natural resource

• capital resource

• land resource

• human resource