An Introduction to Economics

What is Economics? Fill in the blank: Economics is the study of how people make and spend money by ______ and ______ goods and services.

• buying; selling

• making; storing

• saving; borrowing

• lending; taking

What are Goods? Fill in the blank: Goods are the actual ______ that people buy and sell.

• products

• services

• ideas

• locations

What is a Service? Fill in the blank: A Service is an ______ or ______ that someone provides to help someone.

• action; work

• object; item

• place; event

• tool; device

Which of the following is an example of a good?

• Dentist caring for teeth

• Taxi driver taking you somewhere

• An iPod

• Teacher teaching you what you need to know

What are productive resources? Fill in the blank: Productive resources are the resources that are needed to provide ______ and ______.

• goods; services

• money; time

• energy; ideas

• land; water

Which of the following is NOT a type of productive resource?

• Natural Resources

• Human Resources

• Capital Resources

• Financial Resources

What are Natural Resources? Fill in the blank: Natural Resources are things that are found in ______.

• nature

• books

• factories

• computers

What are Human Resources? Fill in the blank: Human Resources are the ______ who work to earn money while producing goods and services.

• people

• machines

• buildings

• tools

What are Capital Resources? Fill in the blank: Capital Resources are the ______ used to create other products.

• products

• workers

• services

• natural resources

What is an incentive? Fill in the blank: An incentive is something that is ______ to help you make economic decisions.

• offered

• ignored

• avoided

• removed