Economics Review

People in FL trade oranges and avacados for corn and shrimp with people from NC. Which sentence best explains why?

• People in FL don't like oranges.

• People in FL don't like avacdos.

• People in FL want corn and shrimp and they don't have them.

• People in NC don't like corn or shrimp.

What is a need?

• Something you have to have to survive.

• Something that makes your life more enjoyable.

• Something you get from the store.

What is a good?

• A service you provide like cutting hair or washing cars.

• Something you need to survive.

• Something you buy with money.

• Anything you buy that you can hold or touch.

How does scarcity lead to trade?

• One country needs resources another country has.

• One country has too much of a resource.

• One country has more people than another.

• One country is closer than another.

Which shows a good being traded for a service.

• You can buy my scooter for $5.

• You can have my scooter for free.

• You can have my scooter if you wash my bike.

What is a consumer?

• The person who provides the goods.

• The person who provides the services.

• The person who buys the goods or pays for a service.

What is a producer?

• The person who offers the service or sells the goods.

• The person who buys the food.

• The person who pays for the service.

Which form of money will last the longest?

• A coin?

• A $5 bill.

• A $100 bill.

• Money from another country.

What is a natural resource?

• The people needed to provide goods or produce services.

• The items needed to provide a service.

• Resources made from nature.

• Resources that are healthy.

What is a human resource?

• The people needed to provide the goods or produce a service.

• Resources made from nature.

• Resources made by humans.

• Good used to make other goods or provide services.