Economics Review

What type of resource is this?- the man who installs radios in the car

Is this a good or service? A waitress serves you in a restaurant

At a toy store, there are many things Jimmy wants to buy. When he chooses a toy to buy there will...

someone who pays for a good or service- the customer

Is this a good or service? Buying a dozen sprinkled donuts-

The three basics kinds of productive resources are?

a person who starts a buisiness

Is this a good or service? A piano teacher giving lessons-

Is this a good or service? A vet treats your cats injuries

You own a candy store and its the day after Halloween and people have a lot of candy at home. is the demand high or low?

Paying someone to do something for you

What type of resource is this?- coal and iron

What type of resource is this?- paint for the cars

What type of resource is this?- The woman who owns the factory.

The study of how people get the goods and services they want.

opportunity cost means...

What type of resource is this?- tires

What type of resource is this?- oil

Is this a good or service? Ordering a large dominos pepperoni pizza

things that you buy that you can hold and touch

Is this a good or service? Getting a haircut at the barber shop

In economics, something is scarce when:

when there are not enough resources for everyone