Economics

Question 1

Producer

Answer 1

People who make products or produce services

Question 2

Service

Answer 2

Something one person does for another

Question 3

Product

Answer 3

Items you can purchase

Question 4

Productive resources

Answer 4

The basic items used to provide a service or produce a good

Question 5

Scarcity

Answer 5

When there is not enough of something for all who want it

Question 6

Budget

Answer 6

A plan to use income productively

Question 7

Opportunity cost

Answer 7

What you have to give up

Question 8

Expenses

Answer 8

Anything you spend money on

Question 9

Income

Answer 9

Money you make or get

Question 10

What is an example of an opportunity cost?

Answer 10

Io phone

Question 11

What are examples of products

Answer 11

Ipad, iPhone , bagel

Question 12

What are examples of services

Answer 12

Hair salon, waitress, teacher

Question 13

Give an example of a product and it’s productive resources

Answer 13

A cookie is a product . The productive resources are water, flour, and sugar.

Question 14

What is the goal of a budget?

Answer 14

The goal of a budget is to have extra money left over to save

Question 15

What is a positive incentive?

Answer 15

A saw where you buy one product and get another one for free

Question 16

What is a negative incentive?

Answer 16

Speeding ticket or late fee for a late library book

Question 17

What is an example of print communication

Answer 17

Billboards and newspapers

Question 18

What is an example of oral communications?

Answer 18

Radio and word of mouth

Question 19

Consumer

Answer 19

People who buy a good or service