Chapter 2: Economics

Question 1

Things that workers make or grow

Answer 1

Goods

Question 2

Work that people do

Answer 2

Services

Question 3

User of goods and services

Answer 3

Consumer

Question 4

Things made near where they are sold

Answer 4

Local

Question 5

Maker of goods

Answer 5

Producer

Question 6

To bring in goods from another country

Answer 6

Import

Question 7

To send out goods to another country

Answer 7

Export

Question 8

A person’s talents and skills

Answer 8

Human resource

Question 9

Human made item used to make other goods

Answer 9

Capital resource

Question 10

Giving up one thing for another

Answer 10

Trade off

Question 11

The price needed to get something

Answer 11

Cost

Question 12

What you have to give up to get something

Answer 12

Opportunity cost

Question 13

Useful result

Answer 13

Benefit

Question 14

Something you must have to live

Answer 14

Need

Question 15

Something you would like to have, but do not need to live

Answer 15

Want

Question 16

To spend now in the hope of future reward

Answer 16

Invest

Question 17

A person’s skill, knowledge, and experience

Answer 17

Human capital

Question 18

A job

Answer 18

Occupation

Question 19

Items found in nature that people use. Examples: forest, water, minerals, soil, gasoline, and oil.

Answer 19

Natural resources

Question 20

Talents and skills that people have and use. Examples: skills to do a job such as repairing a car or treating an illness.

Answer 20

Human resources

Question 21

Human made items used to make goods or provide services. Examples: computers, buildings, tools, and machines

Answer 21

Capital resources

Question 22

People and communities have to make economic choices because…

Answer 22

There are not enough resources to do everything

Question 23

Three reasons to buy local products are…

Answer 23

1. to lower shipping costs
2. to support local businesses
3. fresher products