Here's the solution to “Economics Check-Up 2” using the word bank provided. Each term is used only once, as instructed.
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Word Bank:
- Goods
- Services
- Natural Resources
- Entrepreneur
- Capital Resources
- Human Resources
- Producer
- Profit
- Consumer
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Answers with Explanations:
1. What is a person who BUYS goods and services?
✔ Consumer
*Explanation:* A consumer is an individual or household that purchases and uses goods and services to satisfy their wants and needs.
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2. What type of resource is a hammer an example of?
✔ Capital Resources
*Explanation:* Capital resources are man-made tools, machines, and equipment used to produce other goods and services. A hammer is a tool used in production, so it’s a capital resource.
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3. __________ are things people want and can touch or hold.
✔ Goods
*Explanation:* Goods are tangible items — you can see, touch, or hold them (like food, clothes, cars). This distinguishes them from services, which are intangible.
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4. What do you have if your business makes money after paying for its expenses?
✔ Profit
*Explanation:* Profit is the financial gain a business earns when its total revenue exceeds its total expenses. It’s what’s left over after costs are paid.
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5. A business owner is a(n) __________.
✔ Entrepreneur
*Explanation:* An entrepreneur is someone who takes on the risk of starting and running a business, often by organizing resources and innovating new products or services.
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6. What type of resources are found in nature?
✔ Natural Resources
*Explanation:* Natural resources are materials or substances that occur in nature and are used to produce goods and services — like water, trees, minerals, and sunlight.
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7. An action that people pay for is a(n) __________.
✔ Services
*Explanation:* Services are intangible activities or benefits that one party provides to another (e.g., haircut, teaching, plumbing). You pay for the action, not a physical item.
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8. A teacher is an example of what type of resource?
✔ Human Resources
*Explanation:* Human resources refer to the people who provide labor, skills, and knowledge to produce goods and services. Teachers use their skills to educate — they are human resources.
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9. Someone who MAKES goods and services is a(n) __________.
✔ Producer
*Explanation:* A producer is any person, company, or organization that creates or manufactures goods and/or provides services. Producers supply what consumers demand.
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Final Answer Key:
1. Consumer
2. Capital Resources
3. Goods
4. Profit
5. Entrepreneur
6. Natural Resources
7. Services
8. Human Resources
9. Producer
✔ All words from the word bank are used exactly once.
This worksheet helps reinforce basic economic vocabulary and their real-world applications.
Parent Tip: Review the logic above to help your child master the concept of middle school economics worksheet.
