Chapter 1 Lesson 2

Question 1

Name the 2 broad groups that our economy is made up of

Answer 1

1) Producers 2) Consumers

Question 2

Producer

Answer 2

Person, company or country that makes, grows or supplies goods or commodities for sale

Question 3

List 4 factors of production that producers need

Answer 3

1) Land(natural resources)
2) Capital(money,tools,equipment,machinery)
3) Labor(People/workers)
4) Entrepreneurs(Individual risk takers)

Question 4

Opportunity cost

Answer 4

The cost/value of the next best alternative given up(money,time,resources)

Question 5

Every decision that we make has_____.

Answer 5

Trade offs

Question 6

Trade-offs

Answer 6

Alternative choice that must be given up in favor of the choice we select

Question 7

Consumer

Answer 7

A person who purchases goods and services for personal use

Question 8

List 5 consumer rights that protect them against producers

Answer 8

Right to…

1) Safety
2) Be informed
3) Choose
4) Be heard
5) Redress

Question 9

Consumerism

Answer 9

This 1960’s social movement was an attempt to educate buyers about purchases they make and demand better and safer products