Economics and Personal Finance Review

Question 1

A tree is a _________ resource.

Accepted Answer

Natural

Question 2

Bruno loaded his truck with apples from his garden to sell at a local market. Bruno's truck would be a _______ resource.

Accepted Answer

Capital

Question 3

Human resources provide _______ to businesses.

Accepted Answer

Labor

Question 4

Countries create currency (money) so people can _____ goods and services.

Accepted Answer

Buy

Question 5

Why are entrepreneurs called "risk-takers"?

Accepted Answer

Because they could lose all their money starting a business.

Question 6

When two different states trade goods with each other because their own state does not have that good is called _______

Accepted Answer

Voluntary Exchange

Question 7

Travis starts a dog-washing business and hires his closest friends. He is an ___________.

Accepted Answer

Entrepreneur

Question 8

Alice works for the UPS as a truck driver. Alice is a _______ resource.

Accepted Answer

Natural

Question 9

Jake wants to play soccer, but needs to study for a test. If he chooses to play soccer, what is his opportunity cost?

Accepted Answer

Jake's score on his test.

Question 10

Jack makes the pie, so he is a ______; Jill buys the pie, so she is a _______

Accepted Answer

Producer; Consumer

Question 11

If supply is greater than demand, then prices are _________.

Accepted Answer

Lower

Question 12

How does the city pay for public parks?

Accepted Answer

They pay for it with taxes from the citizens.

Questions 12