Economics Study Guide
Name _________________
Directions: Fold study guide in half. Ask the question on the left. Check by turning the page
over to look at the answers on the back. (This guide can be used alone or with a partner.)
*Please remember this is a guide and the test may ask questions that are not on this guide.*
Questions
1. What are goods?
Answers
1. Things people make or use to satisfy
their needs and wants are goods.
2. What are services?
2. Activities that satisfy needs and
wants are services.
3. What is a consumer?
3. A consumer is a person who uses
goods or services.
4. What is a producer?
4. A producer is a person who makes
goods or provides services.
5. Can people have everything that they
want?
5. No, people cannot have everything
that they want. They must make choices.
6. What is opportunity cost?
6. What you give up to get what you
want is the opportunity cost. (The item
you give up.)
7. Scarcity is when there are not
enough of the things you want. (Goods
run out.)
8. The next best choice is called the
opportunity cost.
9. Money can be paper bills, checks, or
coins.
10. Two synonyms for barter are trade
or exchange.
7. What does it mean when a good is
scarce?
8. What is opportunity cost?
9. Give an example of money.
10. What is a synonym for barter?
(Remember a synonym is a word that means the same
thing.)
11. Why do people save money?
Questions
12. Name four natural resources.
13. Name four human resources.
By Tammy Horton
11. People save money so that they may
buy something in the future.
Answers
12. Natural resources include water, soil,
wood, and coal.
13. Human resources include teachers,
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14. Name four capital resources.
15. What is an economic choice?
16. What is supply and demand?
By Tammy Horton
painters, farmers, and waitresses.
14. Capital resources include
computers, pencils, hammers, and
vehicles (cars, trucks, etc.).
15. . An economic choice is when you
choose between products or services
that you need or want.
16. Products (goods) are made
depending on the need or wants of
the consumers (people).
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