Studies Weekly: Weeks 14,15,16

Which of these are wants? Check all that apply.

• toys

• clothing

• video games

• smart phone

• food

Check all the items that are NON-RENEWABLE resources.

• water

• trees

• coal

• natural gas

• oil

What is opportunity cost?

• money a producer makes

• the price of goods and services

• the cost of starting a new business

• value given up when making a choice

True or False: Clothing is considered a need.

• True

• False

True or False: different economic activities and industries grow from the availability of natural resources.

• True

• False

Choose the correct definition for the word: agriculture.

• the business of growing crops and raising livestock

• the business of using raw materials to make products or goods to sell

• economic activity that creates goods in factories

• the business of encouraging people to travel for fun

Choose the correct definition for the word: manufacturing.

• the business of growing crops and raising livestock

• the business of using raw materials to make products or goods to sell

• economic activity that creates goods in factories

• the business of encouraging people to travel for fun

True or False: A need is something you can live without and a want is something you need to survive.

• True

• False

True or False: Needs drive the economy because people spend their resources on their needs.

• True

• False

What is the government's main economic role?

• to provide jobs

• to provide money

• to provide goods

• to provide services