Studying Economics - HMH Module 1 Lesson #3

2. this term deals with what you chose to give up when making a choice between two things. (2 words).
4. a _______________ resource refers to items such as buildings, tools, money, etc... that are used in the production of other goods.
5. The study of the manufacture, distribution, sale, and use of goods and services. Resource Management.
8. True or False: If one factor of production is failing, a business will struggle.
10. Water, soil, and oil are all examples of _______________ resources.
11. low demand and a high supply means the price of a product will go ___________________.
15. another term for a business owner or a person who manages the factors of production.
17. many stores attempt to convince consumers to buy their goods or services by offering _______________, such as coupons or rewards points.
18. the amount of money that a company makes after all the costs of running the business have been paid is called ______________.
19. Needs or wants: air pods, video games, iPhone.

1. Economics is based on the idea that people make many decisions on how to manage their __________.
3. supply and demand help determine the __________ of a good
4. Someone who uses goods or services.
6. the wage or salary a person earns, health benefits, and paid vacation days are all examples of _______________.
7. The four factors of production are natural resources, capital resources, _____________ resources and an entrepreneur.
9. True or False: money is universal, the exact same money is used everywhere around the globe.
12. true or false Money is a measure of value, a way to store wealth, and a medium of exchange.
13. does an electrician fixing a light at your house provide a good or a service?
14. Needs or wants: Food, shelter, water.
16. this term describes when there are not enough goods and services to satisfy the unlimited wants and needs of people.
19. Money that is paid to a worker for the amount of time that has been worked is called a ________________.