Economics Review

What is economics about?

• only things we want

• how we use things we have

• just about money

• only about jobs

Which of these is a natural resource?

• a computer

• a teacher

• wood from trees

• a hammer

What is a human resource?

• a person who does a job

• water from a river

• coal from the ground

• a tractor in a field

Which is an example of a capital resource?

• water

• a farmer

• soil

• a computer

What is a need?

• a video game

• a toy car

• food to eat

• candy

Which is a want, not a need?

• water

• shelter

• food

• special shoes

What does scarcity mean?

• having too much of something

• not having enough of something

• sharing everything equally

• making new things

What is a producer?

• someone who buys things

• someone who makes things

• a type of resource

• a kind of want

If 5 friends want cookies but there are only 3 cookies, this is an example of:

• a capital resource

• a human resource

• scarcity

• a producer

When you buy a toy at a store, you are a:

• producer

• natural resource

• consumer

• capital resource