Lesson 6/7: Economic Basics & Trade and Development

Front

Economics is the study of how people meet their what?

Back

wants and needs

Front

Goods are __________________ such as food, shirts, and cell phones.

Back

physical products

Front

Services are _________________ or _____________________ actions offered by businesses?

Back

helpful, valuable

Front

People must use ______________ to make goods and services?

Back

resources

Front

Factors of production are the use of what three resources? (Options: Animals, Plants, and Water, Natural Forces, People, Trucks, Rain, Snow, Hail)

Back

Land, Labor, Capital

Front

What people do is called what?

Back

Labor

Front

There is no limit to the things people _____________?

Back

want

Front

There is limits on what can be _________________?

Back

produced

Front

Economics also involves what two things? (Options: coal and petroleum, supply and demand, plants and animals, food and water)

Back

supply and demand

Front

Economies bring together _______________ and _____________?

Back

producers and consumers