1st year winter session THRESHOLD REVISION

There are two major economic roles: p....... and c.......

What do we call the goods that don't last long? (They are mostllly foodstuffs)

What do we call goods that ordinary peope buy in the supermarkets?

What do we call goods that companies need and purchase to produce new items?

We PRODUCE goods but ... services

There are three kinds of resources:

• human

• natural

• economical

• capital

Unfortunately, resources are limited. When there is NOT ENOUGH of something, this situation is called ...

Some economies have unlimited supply of resources.

• True

• False

OUTPUTS (resources) are created from INPUTS (goods and services).

• True

• False

Money that is given to someone, usualy on a regular basis, in order to help them pay for the things they need (e.g. students, chidren, single parents)