Wants & Needs
Your grandma claims that she just loves homemade cards but you see a new bracelet in the store that looks just like her style. You decide to buy it for her birthday. Is this a WANT or a NEED?
A want
What is the name of someone who purchases goods or services from a producer?
a. entrepreneur
b. manufacturer
c. businessman
d. consumer
d. consumer
a. capital resources
b. natural resources
c. human resources
d. entrepreneur
b. natural resources
When you put money into the bank for safe keeping, you are making a _________.
a. balance
b. deposit
c. withdrawal
d. budget
b. deposit
An actual, physical item that is produced for consumers to purchase is called a _______.
Good
It is such a pain to drag everything to the beach when it gets hot out and your family wants to cool off in the water. Your dad surprises your family by putting in a new swimming pool! Is this a WANT or a NEED?
A want
The official name given for the amount of money left over after the sale of a product when all of the resources used to create the product have been subtracted.
a. opportunity cost
b. profit
c. budget
d. economics
a. capital resources
b. human resources
c. natural resources
d. entrepreneur
b. human resources
When you owe more money than what you have, you are said to have a _________.
a. balance
b. deposit
c. budget
d. debt
d. debt
A person who makes goods or provides services is called a _________.
Producer
Your father stops at the gas station to put $20 worth of gas in his truck on his way to work. Is this a WANT or a NEED?
A need
A _________ is someone with an idea who starts their own business.
a. entrepreneur
b. free market economy
c. profit
d. consumer
a. entrepreneur
Which of the following involves the use of tools or machines?
a. capital resources
b. human resources
c. natural resources
d. entrepreneur
a. capital resources
When you take your money out of the bank to use it, you are making a ________.
a. deposit
b. balance
c. withdrawal
d. budget
c. withdrawal
The total amount of a good or services that is available to purchase is called the __________.
Supply
You wake up with the flu. Your mom goes to the store to buy some medicine. Is this a want or a need?
A need
_______ are goods that are brought in from another country.
a. Demand
b. exports
c. supply
d. imports
d. imports
The use of a hammer, nails, and a drill for Tommy to build decks is using what type of resources?
Capital resources
The current amount of money in an individual's checking account is known as the ________.
a. deposit
b. balance
c. budget
d. withdrawal
b. balance
Demand
Your brother just got home from the eye doctor. Your parents just spent over $100 on new glasses for him! Is this a WANT or NEED?
A need
_________ is an incentive to track your income and prioritize needs.
a. Currency
b. Exports
c. Innovations
d. Scarcity
d. Scarcity
Carl is helping his brother build model rockets to sell. His brother needed his help to purchase the wood and other materials for the rockets. He also need Carl to help put them together. He agreed to give him some of the money he made. In this example, what does Carl represent?
Human resources
The money that is charged by the bank for borrowing money is called __________.
a. interest
b. deposit
c. credit
d. budget
a. interest
When the demand for a product is high, what will happen to the supply?
It will go down