Economics Review 2021

Question 1

John made a birdhouse for his Mom. He enjoyed making them, so he decided to make more to sell. What is John?

Accepted Answer

producer

Question 2

The items that we send to other countries is called a ______________.

Accepted Answer

export

Question 3

______________ is the amount of people who want an item.

Accepted Answer

supply, demand

Question 4

When everyone wants a new game that just came out and there is not enough of the item, what happens to the price?

Accepted Answer

goes up

Question 5

What is an example of a service?

Accepted Answer

someone repairing your car's flat tire

Question 6

It is summer time & there are truck loads of watermelons available. What will happen to the price of them at the store?

Accepted Answer

price will go down

Question 7

What is a dollar and peso an example of ?

Accepted Answer

currency

Question 8

What is scarcity ?

Accepted Answer

when there is not enough of a good to supply the demand

Question 9

What do we call someone who uses goods and services?

Accepted Answer

consumer

Question 10

What kind of currency do we have in the United States?

Accepted Answer

dollar

Question 11

What are the four kinds of resources that people need in order to make or provide a good or service known as?

Accepted Answer

productive resources

Question 12

What are items that are produced for people to use called?

Accepted Answer

goods

Question 13

The services that policeman and firefighters provide are ______services.

Accepted Answer

public

Question 14

How do companies try to get you to want to come to their store to buy an item?

Accepted Answer

they send out flyers and show have advertisements about the items

Question 15

What is the type of money that different countries use to buy goods and services called?

Accepted Answer

currency

Question 16

What is a service?

Accepted Answer

when someone does something for you for pay

Question 17

What do you call a person who organizes, operates, and takes the risk of starting a new business?

Accepted Answer

entrepreneur

Question 18

How does the government pay for the services( public libraries, fire and police protection) that they provide for us?

Accepted Answer

from tax money

Question 19

Capital resources are the materials used to make or provide a good or service. Which of these is NOT a capital resource?

Accepted Answer

a farmer

Question 20

What is a natural resource grown in Georgia is…

Accepted Answer

cotton

Question 21

What are the four productive resources?

Accepted Answer

natural resources, capital resources, human resources, and entrepreneurship

Question 22

Someone washing your car is a _______.

Accepted Answer

service

Question 23

If I want a machine that is only made in China, I have to ________ that item.

Accepted Answer

Import

Question 24

What is a factory worker an example of?

Accepted Answer

human resource

Question 25

Human resources are often called labor. What is a human resource?

Accepted Answer

people needed to provide a good or service

Question 26

What is a natural resource?

Accepted Answer

anything found in nature that we can use

Question 27

What is the amount of an item there is to be sold called?

Accepted Answer

supply

Question 28

A tomato is an example of a ______.

Accepted Answer

good

Question 29

When we have to choose between two items, the item that we give up or do NOT get is our called?

Accepted Answer

opportunity cost

Question 30

What is a tree an example of?

Accepted Answer

natural resource

Economics Review 2021

Questions 30

Economics Review 2021

Questions 30