Unit 4 Economics Review

Is food a want or a need?

When an item is on sale it means that it is

Income is money you earn from working.

If someone does not buy anything with their money it means they are

A lot of people want ice cream. Is that an example of supply or demand?

People can be both producers and consumers.

Which is a natural resource?

Is a baker a producer or a consumer?

Goods and services are always free.

Is a phone a good or a service?

Which is something you need to live?

Income helps to pay for wants and needs.