Q2W10 Economics Unit Review

Which city would most likely contain businesses associated with coal?

• Marietta

• Dayton

• Akron

• Manchester

Which items are considered wants in this budget?

Select 2 correct answers.

• Clothes

• Hobbies

• Foos and Drink

• Travel

Doug owns a sawmill. Bradley sells logs to Doug. Trevor buys lumber from Doug. Trevor builds sheds to sell to the community. What term best describes these relationships?

• interdependence

• capital goods

• natural resources

• consumers

All wants should be met before needs are purchased.

• True

• False

A company that makes only one product is __________.

• scarce

• specialized

• independent

• profitable

When supply is DOWN, the demand is _________ and causes the price to increase.

• DOWN

• UP

• EQUAL

Match the resource with the correct item

• capital resource

• a construction worker

• natural resource

• trees

• human resource

• a semi truck with a trailer

When goods are exported or imported it is called ​ (a)   . The physical items a producer sells are called ​ (b)   . However the items that are ​ (c)   is when a producer provides a skill or know how to do something to a consumer.

• trade
• goods
• services
• scarcity
• supply
• demand

What is an entrepreneur?

• A person who works for the government

• A person who takes risks to start and run a business

• A person who only works in factories

• A person who manages natural resources

When a resource becomes scarce, people often:

• Use more of it than before

• Stop using it completely

• Give the resource away for free

• Find substitutes or alternatives