Economy

A system where people can own their own business of their choice is called _____________.

• Planned System

• Options System

• Market Economy or Free Enterprise

• Taxes

When the demand for a product is higher, the price ________________.

• increases
• decreases
• stays the same
• automatically doubles

A person who makes a product in the product market is called ___________________. 

• Consumer
• Clerk
• Worker
• Producer

A person who purchases a product is called a ________________________. 

• Producer
• Consumer
• Client
• Banker

Someone or a company that loans a potential company money to start their own business is called an _____________________. 

• Supplier 
• Producer
• Consumer
• Investor 

The money left over after a business pays for its costs is called a ________________. 

• Producers
• Consumer
• Entrepreneur 
• Profit

There is a _________________ for a product when consumers want to buy it. 

• Demand
• Supply
• Request
• Opportunity Cost

A ______________ is how much of a product a business can provide. 

• Demand
• Supply
• Profit
• Consumer

There is a big concert event in your town and everyone wants to go.  There is a ____________ of tickets.

• Supply
• Scarcity 
• Credit 
• Cost factor

___________________ are things you need to survive and _______________ are choices you make that are not necessary for survival.

• Goods/services

• Opportunity Cost/demand

• Needs/Wants

• Wants/Needs