Vocabulary
What is a budget?
A plan for using money
What does export mean?
Sending goods to other countries
Benefits from buying goods are:
a. what you need to buy
b. positive results
c. negative results
d. what you want to buy
b. positive results
The skills and knowledge people bring to their jobs are which kind of resource?
Human Resource
People who provide good and services are called what?
Produces
What does import mean?
Buying goods from other countries
The amount of products producers will make for certain price is?
a. demand
b. interdependent
c. supply
d. high prices
c. supply
The things that are grown or found in nature are what kind of resource?
Natural Resources
Not having enough goods is called what?
Scarcity
A trade between 2 people
Which of the following is a producer?
a. firefighter
b. farmer
c. eye doctor
d. all of the above
d. all of the above
The things the producer uses to help them make their goods are what kind of resources?
Capital Resources
What does a producer do?
Producers provide goods and services
What is opportunity cost?
The negative results or the things you give up when making a decision about money
Which of the following people provide a service?
a. grocery store
b. dentist
c. tire store
d. bakery
b. dentist
Which of the following is an example of a capital resource?
a. water
b. teacher
c. wood
d. furniture
d. furniture
A person who starts their own business is a what?
Entrepreneur
What is a consumer?
Someone who buys a good or service
Which of the following is a basic need?
a. computer
b. shelter
c. video game
d. car wash
b. shelter
Which type of resource is a computer?
Capital Resource