Elements of Economics

Define: economics

• workers

• the study of how services and goods are made and divided among people

• things that are traded or sold

• something a person does for pay

Define: goods

• a kind of economy in which the people own most of the businesses and land

• things that are treaded or sold

• workers that work

• something a person does for pay

Define: service

• something a person does for pay

• things that are traded or sold

• the study of how services and goods are made and divided among people

• workers

Define: labor force

• something a person does for pay

• a kind of economy in which the people own most of the businesses and land

• things that are traded or sold

• workers

Define: free enterprise system

• workers

• a kind of economy in which the people own most of the businesses and land

• something a person does for pay

• things that are traded or sold

True or False: Land is a natural resource?

• True

• False

True or False: People who work are the labor force?

• True

• False

True or False: Gold is an example of technology?

• True

• False

True or False: Money to start a business is capital?

• True

• False

True or False: In a free enterprise system, people have freedom?

• True

• False