Understanding Economics: Needs and Resources

What is something you must have to live, like food or water?

• Want

• Need

• Service

• Producer

Which of the following is an example of a want?

• Air

• Water

• Video game

• Shelter

What do we call things that people make or grow to sell?

• Services

• Goods

• Needs

• Consumers

Who are the people that use goods and services?

• Producers

• Consumers

• Distributors

• Resources

What is scarcity?

• Having too much of something

• Not having enough of something

• Making goods

• Using services

Which of these is a natural resource?

• Computer

• Teacher

• Water

• Factory

What do we call resources that can be replaced, like trees?

• Nonrenewable resources

• Renewable resources

• Capital resources

• Human resources

Who are the people who make goods or provide services?

• Consumers

• Producers

• Goods

• Wants

What is a surplus?

• Not enough of something

• The same as scarcity

• More than what is needed

• A type of service

Which of the following is a capital resource?

• Oil

• Factory

• Farmer

• Sunlight