Unit Test 3 Review

What is economics?

• The study of producing and consuming money and stocks.

• The study of producing and consuming goods and services.

• The study of consuming goods and services.

• The study of producing goods and services.

What are goods?

• physical items that are produced or sold

• tasks that are completed by a company for payment

• a provider of goods and services

• a user of goods and services

What are services?

• physical items that are produced or sold

• tasks that are completed by a company for payment

• a provider of goods and services

• a user of goods and services

What is a producer?

• physical items that are produced or sold

• tasks that are completed by a company for payment

• a provider of goods and services

• a user of goods and services

What is a consumer?

• physical items that are produced or sold

• tasks that are completed by a company for payment

• a provider of goods and services

• a user of goods and services

What is scarcity?

• the condition that results from society not having enough resources to produce all the things people would like to have.

• the condition that results from society having too many resources to produce all the things people would like to have.

What is an economist?

• A person who studies how people satisfy limited and varying wants with the careful use of scarce resources.

• A person who studies how people satisfy unlimited and competing wants with the careful use of scarce resources.

• A person who studies how people satisfy limited and competing wants with the careful use of scarce resources.

• A person who studies how people satisfy unlimited and varying wants with the careful use of scarce resources.

What are resources?

• the people who buy products

• the people who produce products

• physical items that can be sold

• the things that people use to make goods or services

the three types of resources are...

Land is one of the three resources. What is considered land when speaking economically?

• an area of land

• anything that comes from the land

• skilled labor

• tools